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DM Fincorp (DMF) Entry into Dubai Real Estate Market

DM Fincorp (DMF) Entry into Dubai Real Estate Market

DM Fincorp (DMF) Entry into Dubai Real Estate Market

Introduction

Over the past decade, Dubai has witnessed numerous changes in the real estate sector, mostly instigated by globalization. Due to the growing interest in real estate investment within Dubai, there is a need to introduce the necessary new legislation and regulations systematically. These measures will help to establish a comprehensive and robust structure to safeguard and legislate for the rights and obligations of all parties involved. Just like any other parts of the world, the laws and regulations have been developed to foster investor protection, boom, and bust in the sector, co-ownership of properties, and legally protected registration of title, among other benefits. Also, they underpin and support the real estate market in the country. However, numerous challenges are encountered by the parties to real estate transactions, primarily due to the influx of foreigners desirous of acquiring properties in Dubai.

Regulatory Framework and Potential Risks in Dubai Real Estate Market

Since 2000, Dubai’s real estate legal framework underwent significant development. It began in May 2002 when HH Sheikh Mohammed Bin Rashid Al Maktoum declared that real estate in selected areas of Dubai would be available for ownership by foreigners, both individuals, and organizations, on a freehold basis.[1] This declaration allowed foreigners to own property in the real estate sector. Before then, there were no laws in place to respond to Dubai’s growing real estate market. One of the most critical legislation is Law No. 7 of 2006, which governs the registration and ownership of real estate property in Dubai. On its basis, Emirati nationals and Gulf Cooperation Council (GCC) citizens are permitted to hold freehold titles in Dubai. However, for foreigners to acquiring a real estate property, they must take a long-term lease with specific conditions. Currently, there are four types of real estate ownership in the UAE. The first one is Gulf Cooperation Council land whereby freehold land is only available to UAE nationals. The second one is Gulf Cooperation Council land, which is available for lease for all nationalities for a period of up to 99 years. Third is freehold land, which is available to people from any country, and last is free-zone land for lease which is given to people of any nation for a term of up to 99 years, which further renewable. Regulators involvement is a critical component of real estate transactions in Dubai.

The governance of real estate in Dubai is undertaken by the Real Estate Regulatory Authority (RERA). The agency was founded in 2007 and has since become an important element of the legislative development of the real estate sector in the Emirates.[2] After the Global Financial Crisis of 2008-2009, regulatory measures were increased to insulate locals and foreigners from similar events in the future. As a result, the Dubai Land Department (DLD), the Securities and Commodities Authority of the UAE and the Central Bank of the UAE enacted new and tighter rules and regulations for both developers and investors.[3] In 2012, these institutions developed the Code of Corporate Governance for Developers and the Investor Protection Law. The DLD supervises ongoing projects and has been granted more power to intervene in the market. Escrow accounts managed by DLD ensure that off-plan property payments made by end-users are only transmitted to developers after a contractually obligated amount of work has been done. Also, policies were developed to discourage investors from speculating in properties before development begins. In order to achieve this objective, developers are barred from commencing a new project until the land has been paid for in full and a 20 percent construction guarantee made. This regulation would safeguard DMF from the risks of its foreign clients, both individuals and organizations from breaching sale agreements.  

Purchasers in real estate transactions within Dubai are also protected by law. The Escrow Law enacted in 2007 protects purchaser money when they are invested in off-plan sales in construction developments.[4] The safety of purchasers’ funds and rights are further fortified by the Interim real estate register, which requires the parties to register off-plan sale contracts on the Interim Register kept by the Dubai Land Department. The rights of the parties are also safeguarded by the Strata Law of 2010, which ensures that the rights of all parties in relation to the operations management and operations of communities and buildings owned by multiple owners in Dubai. A major element of the strata regulations relates to their restriction of the ability of developers to enforce their rules and conditions. As a result, the rights of both DMF and its clients are fully safeguarded by law guaranteeing effective real estate transactions.

  Despite the numerous regulations seeking to streamline real estate transactions and enforce the rights and obligations of the parties, there are numerous potential risks faced by real estate companies and customers. Since the 2000s when the property investment in the UAE was opened up to foreigners, Dubai has remained a choice destination for foreign investors who consider the city a flourishing economic hub in the region. As a result, the influx of investors to the city presents a myriad of challenges. For instance, scams and fake properties have become common in the city since leasehold and freehold property purchases became available to foreign buyers.[5] Moreover, the growing number of foreigners wishing to acquire real estate in Dubai has created opportunities to unscrupulous real estate traders who take advantage of unsuspecting foreign. Also, the knowledge of the existence of these scammers has scared away many potential foreign investors. This challenge would deny DMF many customers since many investors are hesitant to invest; thus the competition among real estate firms for the few available clients is stiff.  However, it is important to note that the government of the UAE has consistently implemented measures to prosecute and deter scammers, making rip-offs less common.

Foreign investors may also lack the required paperwork necessary for the completion of real estate transactions. Many foreigners investing in Dubai are not familiar with all guidelines relating to real estate transactions.[6] In such cases, foreigners or even local property owners encounter difficulties when they want to develop or dispose of the property. These challenges expose real estate dealers such as DMF to the complexities of ensuring proper registration of ownership. Nevertheless, in Dubai, all developers and real estate agents must be registered with the RERA. As such, to avoid the risks of handling unregistered real estate properties, parties to transactions must ensure that the agent is legally registered before negotiations commence. Also, the buyers should be issued a Memorandum of Understanding (MOU) after paying the initial deposit and a no objection certificate (NOC) after the deal is completed. DMF can confirm whether the buyers have acquired these documents as the deal progresses and advise them accordingly to avert complexities that might arise.

Conclusion

There are numerous regulatory requirements, regulators involved, and responsibilities arising from being a party to real estate transactions in Dubai. Law No. 7 of 2006 allows both locals and foreigners to acquire real estate in Dubai. However, different regulatory agencies are involved in the management of real estate transactions. They include the Real Estate Regulatory Authority (RERA), Dubai Land Department (DLD), the Securities and Commodities Authority of the UAE, and the Central Bank of the UAE. Others include the Strata Law of 2010 that safeguards the rights of the parties in real estate transactions. The common risks real estate dealers and clients face include scams, fake properties, and the lack of the required paperwork for registration and completion of transactions. Nevertheless, these risks can be avoided if the relevant parties ensure that all the regulations are adhered to and necessary documentation acquired.

 

 

 

 

 

 

 

 

 

 

 

 

Bibliography

Marlow T, Real Estate within the UAE: A summary of legislative development (Al Tamimi & Co.2012). https://www.tamimi.com/law-update-articles/real-estate-within-the-uae-a-summary-of-legislative-development/

Oxford Business Group, Dubai’s real estate market poised for recovery (Country Report 2019) https://oxfordbusinessgroup.com/overview/looking-following-slow-period-market-appears-poised-recovery

Turk S, Legislative Framework of Real Estate in The Emirate (Germela Law 2018). https://www.germela.law/legislative-framework-of-real-estate-in-the-emirate/

  Young J. How to avoid risks and scams when investing in property in Dubai (The London Economic 2019) https://www.thelondoneconomic.com/property/how-to-avoid-risks-and-scams-when-investing-in-property-in-dubai/15/04/


[1] Tara Marlow, Real Estate within the UAE: A summary of legislative development (Al Tamimi & Co.2012)

[2] Tara Marlow. Ibid.

[3] Oxford Business Group, Dubai’s real estate market poised for recovery (Country Report 2019)

[4] Suraya Turk, Legislative Framework of Real Estate in The Emirate (Germela Law 2018)

[5] Jess Young, How to avoid risks and scams when investing in property in Dubai (The London Economic 2019)

[6] Jess Young. Ibid.

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