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DUBAI PROPERTY LAWS & REGULATIONS

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LAW NO. 16 OF 2007

 

Establishing the Real Estate Regulatory Agency

 

We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai

 

After taking cognisance of Law No. 7 of 2006 regarding real estate registration in the Emirate of Dubai; and The Decree concerning the formation of the Land Affairs Committee 1960
Issue the following Law:

 

Article (1)

 

This Law shall be called "Law No. 16 of 2007 Establishing the Real Estate Regulatory Agency."

 

Article (2)

 

The following words and expressions shall have the meanings set out opposite unless the context shall require otherwise:

 

Ruler: HH The Ruler of Dubai
   
Emirate: Emirate of Dubai
   
Government: Government of Dubai
   
Executive Council: The Executive Council of the Emirate
   
Agency: The Real Estate Regulatory Agency
   
Executive Director: The Executive Director of the Agency
   
Department: The Lands & Property Department
   
Owners Association: A membership organisation for owners of real estate units whether flats, floors or parts of land, in a joint property

 

Article (3)

 

There shall be set up under this Law a public corporation called the "Real Estate Regulatory Agency" with legal personality and an independent financial and administrative structure. The Agency have full authority to perform legal acts in accordance with its stated objectives including the capacity to contract and may, in its own name, sue and be sued and appoint others to represent it for this purpose. The Agency shall be attached to the Lands and Property Department

 

Article (4)

 

The head office of the Agency is to be situated in Dubai. The Agency may open branches in the Emirate and elsewhere

 

Article (5)

 

The objective of the Agency is to regulate the real estate sector in the Emirate by participating in devising strategies for this sector and developing and executing the necessary work plans, including:

  1. Proposing the necessary legislation to regulate the work of real estate brokerage offices and owners associations
  2. Issuing regulations for the training and certification of real estate brokerage offices
  3. Licencing all activities relating to the work of the Agency including activities relating to real estate development in the Emirate
  4. Accrediting banking and financial institutions which are certified to manage guarantee accounts of real estate developments on behalf of real estate developers in accordance with applicable legislation
  5. Licencing and regulating real estate brokerage offices and monitoring and overseeing their activities
  6. Licencing and regulating companies and establishments that manage real estate and residential developments and monitoring and overseeing their activities
  7. Registering and attesting leases for the various kinds of real estate units in the Emirate in accordance with such legislation as may be issued in this regard
  8. Monitoring and overseeing the activities of owners associations and auditing their accounts and records
  9. 9 - Keeping track of property advertisements that are published in the various media operating in the Emirate including those operating in free zones
  10. Providing support and advice on property valuation in accordance with the latest accredited standards
  11. Issuing statistical reports and specialised research and studies on the property market including any publications and information that aid such studies and offer insight into the property market in the Emirate
  12. Preparing and executing programs and projects that enhance the role of nationals in the real estate sector and encourage their involvement in that sector
  13. Developing and implementing education and awareness programs on the rights and obligations of parties involved in the real estate sector

 

Article (6)

 

The Executive Board of the Agency comprises an Executive Director appointed by decision of the Chairman of the Executive Council and a number of staff in respect of whom Dubai Law No. 27 of 2006 on human resource management will apply

 

Article (7)

 

The Executive Director of the Agency shall oversee the work and activities of the Agency and shall represent the Agency in relation to third parties including but not limited to:

 

  1. Adopting the strategic plan and work plans of the Agency and submitting them to the Executive Council for approval
  2. Implementing the general policy that is approved by the Executive Council and its decisions in this regard
  3. Proposing initiatives, programs and projects concerning the work and activities of the Agency
  4. Proposing an organisational structure and financial, administrative and technical regulations for the Agency and submitting them to the Executive Council for approval
  5. Overseeing the work of the Executive Board of the Agency and hiring staff for the Agency
  6. Preparing the Agency's annual budget and submitting same to the Executive Council for approval
  7. Exercising any other powers conferred on him by the Executive Council or under a decision issued pursuant to this Law

Article (8)

 

There are hereby transferred to the Agency the following functions of the Department:

 

  1. Regulating the work of real estate offices and real estate brokers
  2. Preparing studies and research on real estate
  3. Managing and regulating guarantee accounts of real estate developments
  4. Regulating and overseeing owners associations

 

Article (9)

 

Subject to the Article 6 of this Law, the Agency may, in its discretion, transfer staff engaged in the regulation of real estate at the Department to the Agency

 

Article (10)

 

The Agency shall keep regular accounts and records that conform to commercial accounting standards. The financial year of the Agency shall run from 1st January until 31st December. The first financial year shall begin on the date on which this Law comes into effect and end on 31st December of the next following financial year

 

Article (11)

 

The financial resources of the Agency consist of the following:

 

  1. Subsidy allocated to the Agency in the Emirate's budget
  2. Fees the Agency charges for its services to the public
  3. Any other resources approved by the Executive Council

Article (12)

 

The Chairman of the Executive Council shall issue the regulations and decisions necessary to implement this Law

 

Article (13)

 

Any contrary provision of any other law or legislation is hereby repealed

 

Article (14)

 

This Law shall be published in the Official Gazette and shall come into effect on the date of publication

 

MOHAMMED BIN RASHID AL MAKTOUM
RULER OF DUBAI
Issued in Dubai on 30th July 2007
Corresponding to 16 Rajab 1428 AH

 

 

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