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Sheikh Mohammed Issues Law on Joint Ownership of Real Estate in Dubai

Posted by admin on October 17, 2019
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In his position as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (6) of 2019 concerning the joint ownership of the real estate in Dubai.

The new law on joint ownership applies to all significant real estate development projects in Dubai and jointly owned properties in Dubai, including those located in free zones and special development zones.

The Law creates part of a regulatory framework designed to raise competitiveness and enhance investment in the real estate sector and ensure the rights of all parties are protected.

The issuance of the new law follows directives issued by His Highness to make the Higher Committee of Real Estate Planning in Dubai, chaired by Deputy Ruler of Dubai HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, and the issue of Law No. (4) of 2019 concerning to the Real Estate Regulatory Authority (RERA) of the Land Department.

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