DLD plans to release the Real Estate Investor Protection Law in Q1 2013
17/12/2012
Since last year, there has been a new Law designed exclusively to all property investors in Dubai, which was supposed to be issued before this year 2012 ends. However, based on the report, due to a number of comments and suggestions from the public, the Dubai Land Department (DLD) established in 1960 according to the order of late Sheikh Rashid bin Saeed Al Maktoum in order to safeguard the property rights in the Emirate, has delayed the release of the law in order to make some changes as requested.
Actually, the said law is being called as a ‘Real Estate Investor Protection Law’ by which the involved investors will be having some rights if, for instance, the First Party fails to complete or handover the property on time; and they can fully refund all the amounts they have invested accordingly.
Moreover, according to Majida Ali Rashid, Senior Consultant and Senior Director of Planning & Organizational Development at DLD, he also said that the investors can also claim a so-called ‘compensation’ for breach of any warranty or undertaking stated in the contract for sale by the First Party such as seller and property broker as well as misrepresentation by involved parties; and lastly any specifications in violation of the contract for sale after obtaining the property expert’s report to that effect in particular.
So far, as the above-mentioned protection law is about to be issued within the first quarter of 2013, Hadef & Partners which is a full-service business law company that was founded in 1980, has released its 2012 report for the legal state of the Emirate’s property market, in which it has confirmed that out of 8, 500 respondents, only 28 per cent of of them were just aware of the newly-proposed law; while 56 per cent said that they are not totally familiar with the law’s contents at all.
Actually, the said law is being called as a ‘Real Estate Investor Protection Law’ by which the involved investors will be having some rights if, for instance, the First Party fails to complete or handover the property on time; and they can fully refund all the amounts they have invested accordingly.
Moreover, according to Majida Ali Rashid, Senior Consultant and Senior Director of Planning & Organizational Development at DLD, he also said that the investors can also claim a so-called ‘compensation’ for breach of any warranty or undertaking stated in the contract for sale by the First Party such as seller and property broker as well as misrepresentation by involved parties; and lastly any specifications in violation of the contract for sale after obtaining the property expert’s report to that effect in particular.
So far, as the above-mentioned protection law is about to be issued within the first quarter of 2013, Hadef & Partners which is a full-service business law company that was founded in 1980, has released its 2012 report for the legal state of the Emirate’s property market, in which it has confirmed that out of 8, 500 respondents, only 28 per cent of of them were just aware of the newly-proposed law; while 56 per cent said that they are not totally familiar with the law’s contents at all.
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