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Six new property laws that will impact your investment

Parag Deulganokar Emirates 247
Real estate industry and property investors expect some major government initiatives to be launched this year. (GETTY IMAGES)

Real estate industry and property investors expect some major government initiatives to be launched this year. (GETTY IMAGES)


From an investor protection law in Dubai, to a mortgage law for Abu Dhabi, 2011 will be a watershed year for property legislation



The aftershocks of the global economic crisis called for better regulations in the UAE property markets.

In 2010, the real estate industry and property investors expected some major government initiatives to be launched in Abu Dhabi and Dubai.

However, most were delayed.

This year, 2011, expectations are high and if the industry grapevine is to be believed then Abu Dhabi and Dubai are to soon announce some key laws to further strengthen the sector.

Here below are the major laws that are expected to have the biggest impact on the markets.

Dubai

Real estate valuation law

This website reported last year that work on the valuation law had almost been completed. Regulations for property valuation professionals in Dubai will be adopted in two stages. The first stage will involve real estate valuation companies that need to get an appropriate trade licence. Secondly, the law will ensure that after a company is properly licensed, it registers with Taqyeem at the Dubai Land Department. The Emirates Book Valuation Standards (EBVS) will also support the regulation.



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Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.