His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department
Dubai, UAE, November 11, 2017: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. (19) of 2017, partially amending Law No. (13) of 2008 on Interim Property Registration in Dubai. The new law reflects our continuous efforts to complete the legal system that regulates our real estate sector.
Such amendments are announced periodically and follow an in-depth assessment of market needs. They reflect the aspirations of all parties in the real estate sector - from developers to investors - to proactively guarantee their rights.
This allows all parties to take the necessary steps while also understanding their true dimensions, and outlines the pillars of the sector so that we can maintain our leading position, especially when it comes to the protection of rights.
Establishing legislation for the real estate sector began with the founding of Dubai Land Department and has since advanced with the launch of the Real Estate Regulatory Authority, protecting the market from external influences that can have a negative impact. As a result, our real estate market has become immune to any major volatility in the world's markets.
By issuing this law, His Highness has reassured all concerned parties in the real estate sector that Dubai will remain an oasis of security and stability. We are required to recognise these initiatives and work to implement them, thus contributing to enhancing transparency and consolidating the foundations of the sustainable renaissance in our Emirate, which accepts no substitute for first place.