The Government of Dubai has issued new legislation on certain real estate related matters for which we have provided an overview below:
Law No. 19 of 2020 concerning Dubai Interim Registration Law
Law No. 19 of 2020 amends Article 11 of Law No. 13 of 2008 concerning Interim Registration in Dubai. The amendment deals mainly with the circumstances in which a challenge to a previous decision by Dubai Land Department, cancelling a sale and purchase agreement registered on the interim register, can be brought (noting that such a challenge is not permitted where such decisions were undertaken in compliance with relevant laws).
Law No. 20 of 2020 concerning Dubai Real Estate Institution
Law No. 20 confirms the dissolution of DREI and transfer of employees, responsibilities and services of DREI to Dubai Land Department.
Law No. 32 of 2020 regarding Land Designated for Educational Use
Law No. 32 confirms that the ownership of certain land plots designated for educational use (as defined in the Law), shall be transferred to the Knowledge Fund.
Real Estate Developers (as defined in the Law) are entitled to retain ownership of such plots provided that 75% of the plot’s market value is paid to the Knowledge Fund. Law No. 32 also sets out the framework for such payment, including the ability to pay in instalments over a maximum period of 34 years.
Law No. 33 of 2020 regarding the Judicial Committee for Liquidation of Cancelled Real Estate Projects in Dubai
Law No. 33 replaces Law. No. 21 of 2013, and extends the jurisdiction of the Judicial Committee to incomplete real estate projects (as well as cancelled projects). The Law also widens the authorities of the Judicial Committee and sets out procedures for the Real Estate Regulatory Authority’s transfer of matters to the Judicial Committee for consideration and resolution.
Administrative Decision 67 of 2020 regarding regulatory conditions and procedures for engaging in real estate appraisal practice in Dubai
The Director General of DLD has issued this administrative decision and it has been published in the official gazette to regulate the licensing of appraisal practice in Dubai and the duties and obligations of the appraiser.