How are you protected?
The Dubai Land Department (DLD) was established in 1960. It plays a crucial role in overseeing real estate activities in Dubai, including property registration and regulation. Real Estate law now protects buyers from any unforeseen circumstances.
The Real Estate Regulatory Agency (RERA) was created in 2007 to oversee Dubai’s real estate market. To encourage foreign investment and resolve conflicts between tenants and landlords, it establishes regulations and prepares strategies for Dubai’s real estate market.
In summary, the DLD is responsible for the overall management and regulation of the real estate sector in Dubai, while RERA is a specialized regulatory agency that operates under the DLD’s umbrella and oversees the activities of real estate professionals in Dubai.
Among its duties are establishing laws, rules, and policies for the real estate industry; managing property registration; issuing title documents; resolving property disputes; and offering a range of land-related services. It protects the interests of investors and consumers by regulating real estate professionals such as developers, brokers, and agents.
Enforcing DLD rules, establishing guidelines for real estate transactions, overseeing escrow accounts for off-plan projects, settling disagreements between parties in real estate transactions, and defending the rights of consumers.
- Ownership: Foreigners can own freehold property in designated areas of Dubai. In other areas, ownership is typically on a leasehold basis for up to 99 years.
- Registration: All property transactions in Dubai must be registered with the DLD. This includes sales, purchases, leases, and mortgages.
- Escrow Accounts: Developers in Dubai are required to deposit funds from off-plan property sales into escrow accounts. These funds can only be released to the developer based on construction milestones, providing buyers with a level of financial security.
- Strata Law: The Strata Law in Dubai governs the ownership and management of jointly owned properties, such as apartments in a building. It sets out the rights and responsibilities of owners and establishes owners’ associations to manage shared facilities and services.
- Rental Disputes: The Dubai Rental Disputes Centre handles disputes between landlords and tenants. It provides a forum for resolving disputes fairly and efficiently.
- Real Estate Brokers: Real estate brokers in Dubai must be registered with RERA. They are required to adhere to a code of conduct that ensures they act ethically and in the best interests of their clients.
- Real Estate Development Trust Account: Developers are required to set up a Development Trust Account for each project. This account is used to manage project funds and ensure that they are used for the intended purpose.
- Mortgages: Mortgages are available to both residents and non-residents in Dubai. The terms and conditions vary depending on the lender and the property.