Real Estate
3. Legal Framework
With regard to property rights of foreigners in the UAE, several uncertainties do indeed exist due to the lack of comprehensive legal provisions and detailed implementing regulations. However, all the Emirates are working on the enactment of new laws. In particular, the Emirate of Dubai has already released various pieces of legislation regarding, for example, off-plan registration, escrow accounts, mortgages, jointly owned property and real estate brokers.
In order to make the investment in real estate in the UAE a success, the following important guidelines should be observed:
- Profound market research
- Opting for recognised developers and real estate agents which are duly registered with the competent authorities
- Thorough perusal of contracts and supporting documents
- Calculation of all costs involved, including future expenses
- Payment of due monies to the escrow account and duly authorised representatives only