25 August 2023, Construction Week Online
UAE has recently announced fresh real estate regulations in the UAE. Sheikh Hamad bin Mohammed Al Sharqi, who serves as a Supreme Council Member and Ruler of Fujairah, has introduced Law No.3 of 2023. This law pertains to the oversight of shared property ownership within the Fujairah emirate.
Additionally, Sheikh Hamad has also enacted Law No.4 of 2023, which focuses on the regulation of guarantee accounts for real estate development.
The two laws require developers, management companies, associations, and owners’ unions to follow the rules stated in the laws within six months of when they were introduced. If needed, the authority’s director can extend this deadline for the same duration.
These laws won’t change contracts between developers and owners that were made before the laws were applied. They also won’t affect the main association systems that were approved and registered by the relevant authority, except when it comes to forming owners’ associations.