Friday, February 23, 2007

Property Sector to be reorganized with new laws

The Real Estate Sector in Dubai will shortly be streamlined with the expansion of Property Laws, which emphasizes the rights of apartment owners. The Director of Development and Marketing Administration in Dubai Land Department, Mohammed Sultan Thani, has mentioned that a condominium law for regulation of the rights of apartment owners is in pipeline.

Another law that is soon likely to follow, is a Trust Law, which governs the escrow accounts. Though, the exact date when the laws are likely to take effect is yet to be known, Mohammed Thani, mentioned that they would help in streamlining the property sector, which is highly competitive.

The Condominium law, which defines the relationship between developers and investors in freehold apartment in Dubai, will clarify on issues pertaining to maintenance, services and utilities including the aspects of usage and rights of owners’ associations.

The new regulations, apart from ensuring the rights and duties of an investor in a common hold structure, will also empower the owners’ association to operate their own finances.

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