Khaleej Times, Tuesday, Sep 19, 2023 | Rabi Al-Awwal 4, 1445
UAE: 6 new laws announced to regulate real estate sector, covering pricing, mortgages
His Highness Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler
of Umm Al Quwain, has issued a number of laws concerning the Real Estate
Foundation of Umm Al Quwain and the regulation of the real estate sector in the
The laws also aim to help in the development and implementation of plans to
drive growth across the sector and keep pace with the emirate's urban
Law No. 2 of 2023 provides for the establishment of the Interim Real Estate
Register of Umm Al Quwain and the regulation of property registration activities
in the emirate.
Law No. 3 of 2023 is concerned with regulating real estate development
activities in the emirate, the pricing of all real estate projects, and
providing real estate escrow accounts, in line with regulations that ensure
protecting the rights of investors, real estate companies and property
Law No. 4 of 2023 concerning amendments to Law No. 3 of 2007 on real estate
escrow accounts in Umm Al Quwain, sets out guidelines to help better regulate
real estate sales transactions and ensure the compliance of all involved parties
with the regulation issued by the Real Estate Foundation.
Law No. 5 of 2023 provides for the regulation of mortgage registration
activities through the Umm Al Quwain Municipality Department, as per the
regulations issued by the Central Bank of the UAE, and the settlement of issues
and violations related to unregistered mortgages.
Law No. 6 of 2023 is concerned with protecting the rights of investor in cases
of delays or hurdles in real estate development projects, as well as ensuring
such projects are completed, when possible. It also provides for establishing a
special committee to handle issues related to cancelled and incomplete real
Finally, Law No. 7 of 2023 concerning amendments to Law No. 2 of 2005 on the
regulation of real estate brokerage activities in the emirate sets out
legislation and guidelines to regulate all brokerage activities.