New Real Estate Regulations Introduced in Fujairah, UAE
The United Arab Emirates (UAE) has recently unveiled new real estate regulations in the emirate of Fujairah. Sheikh Hamad bin Mohammed Al Sharqi, the Ruler of Fujairah and a Supreme Council Member, has introduced Law No.3 of 2023 and Law No.4 of 2023. These laws aim to enhance oversight and regulation of shared property ownership and guarantee accounts in the region. Law No.3 of 2023 - Oversight of Shared Property Ownership: Sheikh Hamad bin Mohammed Al Sharqi has enacted Law No.3 of 2023, which specifically deals with the oversight of shared property ownership within the Fujairah emirate. The law is applicable to developers, management companies, associations, and owners' unions operating in the region. According to the law, these entities are required to comply with the regulations within six months of the laws' introduction. In exceptional scenarios, the director of the relevant authority has the power to extend this deadline for an equal period of time. It is important to note that the new laws do not affect previous contracts between developers and owners that were made before the implementation of these regulations. Furthermore, the laws do not impact existing association systems that have been duly approved and registered by the relevant authority unless alterations are being made to form owners' associations. Law No.4 of 2023 - Regulation of Guarantee Accounts: In addition to Law No.3, Sheikh Hamad has also enacted Law No.4 of 2023, which focuses on the regulation of guarantee accounts for real estate development. This law ensures that developers, along with other stakeholders, adhere to the specified provisions regarding guarantee accounts within the predetermined timeframe. Conclusion The introduction of Law No.3 and Law No.4 in Fujairah serves as a significant step towards improving the oversight and regulation of shared property ownership and guarantee accounts within the region. By implementing these laws, the UAE aims to ensure transparency, fairness, and accountability in the real estate sector. Developers, management companies, associations, and owners' unions are urged to familiarize themselves with the regulations outlined in the laws and take necessary actions to comply within the given timeline. The authorities maintain the responsibility of overseeing and enforcing these regulations, penalizing any non-compliance accordingly. These new real estate regulations in Fujairah demonstrate the UAE's commitment to creating a robust and well-regulated real estate market that supports sustainable growth and protects the interests of all stakeholders involved.
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