MENA Properties Logo

DUBAI PROPERTY LAWS & REGULATIONS

MENA Properties Services

LAW NO. 8 OF 2007

 

Concerning Guarantee Accounts of Real Estate Developments in the Emirate of Dubai

 

 

 

We, Mohammed bin Rashid Al Maktoum, the Ruler of Dubai,

 

After perusal of Federal Law No. 5 of 1985 in respect of Civil Transactions, as
amended;

 

Law No. 7 of 2006 in respect of real property registration in the Emirate of Dubai; and

 

Law No. 3 of 2006 specifying the areas where non-UAE nationals may own real properties in Dubai,
Do hereby issue the following Law:

 

CHAPTER ONE
DEFINITIONS AND GENERAL PROVISIONS

 

Article (1)

 

This Law shall be named "the Law Concerning Guarantee Accounts of Real Estate Developments in the Emirate of Dubai No. 8 of 2007".

 

DEFINITIONS

 

Article (2)

 

Unless the context requires otherwise, the following terms and expressions shall have the meanings as set out opposite each of them:

 

The Emirate: The Emirate of Dubai
   
Department: Lands Department
   
President: The President of the Department
   
Director: The General Director of the Department
   
Register: The Register prepared at the Department to register Developers
   
Guarantee Account: The bank account designated for a property development in which the amounts paid by buyers of units off the plan or the project financing parties will be deposited
   
Developer: A natural or legal person licensed to carry on the activity of buying and selling properties for developing and that includes the master developer and subdeveloper
   
Account Trustee: A bank or financial institution certified by the Department for the management of the Guarantee Account Competent
   
Authority: Government authorities authorised to license the Developers Real Estate
   
Development: The construction of multi-storey buildings or complexes for residential or commercial purposes. Property Everything that is permanently fixed in its space and cannot be shifted without destruction or alteration in appearance.
   
Unit: An allocated part of the property sold by the developer to third parties.

 

Article (3)

 

The provisions of this Law shall apply to a developer who sells off-plan units in real estate development projects in the Emirate and, in consideration, receives payments from buyers or financing parties.

 

Article (4)

 

A special register to be named "Register of Developers" shall be prepared at the Department. The names of developers licensed to carry out real estate development activities in the Emirate shall be recorded in the said register. No developer may carry out the said activities unless it is registered in the said register and licensed by the Competent Authorities pursuant to the conditions issued related thereto.

 

Article (5)

 

A Developer shall not advertise in local or foreign media, or participate in local or foreign exhibitions, to promote the sale of units or properties off the plan, until having obtained a written permit from the Department. The Director shall issue the necessary decisions as required to regulate the requirements for advertising in the media and participating in exhibitions.

 

BACK TO TOP

  • Property Value (AED)

    Estimated Monthy Installment

    AED 0.00

    Finance Terms (Months)

    Profit Rate (%)

  • Area Converter

    Sq. Ft.

    Value: 0

    Currency Converter

    AED

    Value: 0

HAVE A LEGAL ENQUIRY
Security Code
MENA Properties Highly Commended Award 2013-2014National Association of Realtors
MENA Properties Highly Commended Award 2013-2014National Association of Realtors