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28 March 2024

Dubai’s real estate investor protection law awaiting approval

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By Parag Deulgaonkar

The Real Estate Investor Protection Law, or Tanweer, is ready and with the ruler's court for approval, a Dubai Land Department (DLD) official has said.

“We had issued the draft law in the media and we got a lot of feedback. We then fine-tuned the draft law and now it waiting for approval from the Diwan (Ruler’s court),” Duaa Issam Dablan, Senior Deputy Director, DLD, said while talking at the Dubai Real Estate B2B Conference on Wednesday.

No information was given on when the law will be issued.

The draft law regarding the protection of the real estate investor in Dubai was released on June 20, 2012 to get feedback from people involved and concerned with real estate investment.

“We got a number of comments and suggestions from the public and subsequently we have made necessary changes in the law,” Majida Ali Rashid, Senior Consultant and Senior Director of Planning & Organizational Development, DLD, told Emirates 24|7 in December 2012.

Tanweer, the first of its kind regionally and globally and will take full and accurate inter legislative laws and regulations issued between 2003 and 2008 to ensure optimal application of those laws and legislations.

The draft Real Estate Investor Protection Law allows investors to get full refund if the developer fails to complete or handover a property within a certain timeframe or deliberately defrauds an investor or alters the specifications of the unit without obtaining requisite permission.

Investors can also claim compensation for breach of any warranty or undertaking contained in the contract for sale by the seller and the broker, misrepresentation by the developer or investor or broker, and specification in violation of the contract for sale after obtaining an expert’s report to that effect.

Read: Property investors in Dubai can seek refund and damages