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01 December 2023

Strengthening the legal framework of the emirate

By Parag Deulgaonkar

It is under His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai’s guidance that the emirate’s real estate authorities have continued to focus on strengthening the legal framework by implementation of the existing laws, which have instilled confidence back into real estate investors.

This can be gauged from the fact that on January 2, it was disclosed that Dubai saw 35,297 real estate transactions worth Dh143 billion in 2011, an increase of more than 16 per cent over previous year's total of deals worth Dh123 billion.

Giving emphasis on promoting investment into the realty section, the Dubai Land Department during His Highness’s visit in September 2011, launched a centre for promotion and management of real estate investment to act as the new investment arm of the department along with Real Estate Regulatory Agency. This centre will encourage, promote, regulate and manage the real estate investment environment in Dubai and stimulate the real estate sector through direct and long-term investment.

Now, Dubai is drawing up an “investment map” for its massive real estate sector to attract more capital and help investors take the right decisions. The centre is working on the map, which will be announced in the next few weeks.

Sheikh Mohammed has already called upon the Land Department employees to work their minds so as to come up with creative initiatives that serve their country and boost the national economy.

“I want you to concentrate on feasible initiatives that support our policies towards generating new elements so as to attract more inward investment... I don't want just a government routine work that dampens creativity and innovation in the employee's spirit and his performance... I wish you more success in the service of the homeland,” Sheikh Mohammed said while addressing the director general of the DLD.

Dubai is one the most regulated real estate market in the Mena region. Since 2006, a number legislations have been introduced which safeguard investors from unfair practice by developers and agents. The department has issued almost 15 laws that deal with various aspects of real estate market.

The emirate has been listed in the global real estate index of competitive environment by the International Property Rights Index, while it was ranked fourth globally in property registration in the Ease of Doing Business 2011.

Last year, Dubai has been ranked 11th among the top 40 cities for ultra high net worth individuals (UHNWIs) and is expected to strengthen its position in the next 10 years, according to Knight Frank and and Citi Private Bank’s Wealth Report.