New real estate laws have been announced in the UAE.
Sheikh Hamad bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, issued Law No.3 for 2023 on regulating joint property ownership in the emirate of Fujairah.
Sheikh Hamad also issued Law No.4 for 2023 regulating real estate development guarantee accounts.
The two laws stipulate that developers, management companies, associations and owners’ unions are to align their situations with the provisions of the laws within six months from the dates of their issuance, with the possibility for the relevant authority’s director to extend the deadline for the same period when required.
The provisions of the two laws do not affect contracts between developers and owners signed before their enforcement, as well as fundamental association systems approved and deposited by a relevant authority, except for the formation of owners’ associations.
Author: Arabian Business