Dubai gets 'property regulator'

Dubai gets 'property regulator'

Wednesday, August 01, 2007

Dubai has created a real estate regulator to oversee the property industry, including the operations of property developers and management companies. The body will be called the Real Estate Regulatory Authority...

The authority will be affiliated to the Dubai Land Department, the state-owned Emirates News Agency (Wam) reported, citing a decree by Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice-President, Prime Minister and ruler of Dubai.

The authority will consider real estate policies, strategies and other related aspects, Wam said, without being more specific. Last month, Dubai also issued a new law which makes Escrow accounts compulsory for all Dubai off-plan developments.

As per this law, money will be released only on the order of the Dubai Land Department.

Dubai is also expected to issue a new strata law which will see developers hand over control and ownership of the common areas of the building to an owners’ society.

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