As of 2024, several key updates and regulations shape Dubai’s real estate sector:
- Property Ownership: Foreign nationals can purchase properties in designated freehold areas, according to Law No. 7 of 2006. However, this ownership is limited to specific areas set by the Dubai government.
- Rental Property Laws: Dubai’s rental laws protect tenants by mandating a minimum one-year lease, with rent increases only allowed upon contract renewal, capped at 15%. Disputes between tenants and landlords are handled by RERA.
- Strata Law: This law governs multi-unit properties like apartments and townhouses, focusing on the division of private units and shared spaces. It establishes owners’ associations for managing common areas.
- Recent Legislative Updates:
- Law 19 of 2020 ensures the Dubai Land Department can cancel property sales if registered under certain conditions.
- Law 33 of 2020 addresses the liquidation of incomplete or cancelled real estate projects, giving the judiciary more control.
- Broker Regulations (2022) limit sellers to using no more than three brokers at once, promoting professionalism.
- Transfer Fees: The Dubai Land Department has introduced a tiered transfer fee system to make smaller transactions more affordable while maintaining fairness for high-value transfers.
- Sustainability: Developers must comply with new sustainability standards, promoting green building practices.