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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


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:




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".




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.



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MENA Properties Highly Commended Award 2013-2014National Association of Realtors
MENA Properties Highly Commended Award 2013-2014National Association of Realtors