Real estate regulations in Dubai have been on the road to evolution for quite some time now. So much so that it now has a set regulatory framework for the property sector. This in turn is something exemplary when it comes to the real estate industry of the United Arab Emirates at large. It is expected that Abu Dhabi will soon come up with a body similar to Dubai's RERA (Real Estate Regulatory Agency) which in turn clearly indicates the success of the body.
The constant efforts of Dubai government's RERA and Land Department have helped in the building and sustenance of investor confidence. The coming months might witness the introduction of still more rules aimed at protecting customer interests. Law on common ownership is on the agenda of the government for quite some time now. It still remains to be seen whether Dubai leads Abu Dhabi in this or not. An important point to note, however, is that practically Dubai went on its property boom ride three years earlier than Abu Dhabi, which in turn saw its first property law on paper before Dubai!
Abu Dhabi laws on real estate registration (Law No. 3, 2005) and foreign ownership in designated areas (Law No. 19) have been phenomenal in the transformation of the property sector of the emirate. With the development of rules and regulations in line with the property sector of Dubai, things will take a turn for the better in Abu Dhabi and UAE at large.
Dubai is surely on the road to success in a big way and time will tell the same!
0 comments:
Post a Comment