His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has issued a new law regulating jointly owned property. joint ownership: it will include details of the land plots and their developers, names of property owners, owners associations, and a building management scheme describing maintenance procedures.
Market Regulatory Agency
property in Dubai received additional powers to oversee the maintenance of objects that are jointly owned. Under the new law, companies providing real estate management services must submit reports every six months.
Dubai Real Estate Market Regulatory Agency may at any time request information on the movement of funds related to service charges. Management companies are also responsible for the insurance content of the project.
According to the new law, the developer is liable for any damage caused to the object
real estate in Dubai jointly owned for 10 years from the date of delivery.
Since September 2 this year, the number of real estate transactions in Dubai soared by 134 percent. Splash
