10-year warranty for new property owners |
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Property developers must maintain and repair construction defects in common areas of their projects for 10 years after hand over, according to a new draft law.
The "Real Estate Common Ownership Law" was proposed by the Dubai Land DepartmentDubai Land Department
and is being reviewed by the emirate's Executive Council. It is likely to be issued "in a few weeks", by Sheikh Mohammed bin Rashid Al Maktoum,Vice-President and Prime Minister of the UAE and Ruler of Dubai, said Sultan Buti bin Megren, Director-General of the Land Department.
The law also paves the way for the formation of an owners' society that safeguards the rights of the home-owners in any development, Bin Megren told Emirates Today's sister publication Al Emarat AlYoum in an interview yesterday.
Blair Hagkull, managing director of real estate services company Jones Lang LaSalle, welcomed the new law as "another step in the evolution of Dubai's maturing property market".
He said: "It creates investor confidence by providing greater regulation, transparency and clarity. These will all contribute to a more mature market with increased investor confidence.
"It's a very positive step that incorporates a lot of international best practice, including long-term maintenance of communal areas." Walid Karam, a legal consultant with Habib Al Mulla & Company, also welcomed the draft proposals.
"There has been a need for legislation regulating the relationship between developers and purchasers for some time now," he said.
"It is very important to safeguard the rights of buyers, and I think it will create stability in the market." Bin Megren said the land department has decided to change the name of the law from the "Apartment and Floor Draft Law" to the "Real Estate Common Ownership Law" as its jurisdiction includes apartments, villas and homes in residential communities in the emirate.
"The law includes the rules regulating the ownership and registration of real estate in addition to the provisions governing the joint parts of buildings and the common areas," Bin Megren said.
The law stipulates the common areas of a building, villa development or housing colony will be included in the title deed of the property.
"The law forces the owner of each unit in a condominium to adhere to the society's rules.
"It also determines which parts of a development are common areas and stipulates that they should remain and be treated as common areas," he said.
The common areas of any construction will include basic pillars, foundations, columns, posts, staircases, facades, rooftops, car parking, watchman rooms, entertainment equipment, swimming pools, gardens and the like.
By Sameh Awadallah and Anthony Richardson
© Emirates Today 2007
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