H.E. Abdulaziz bin Nasser Al-Nuaimi, Director-General of the Department of Land and Real Estate Regulatory confirmed that Law No. 2 of 2020 regarding the regulation of the real estate development issued by H.H. Sheikh Humaid bin Rashid Al Nuaimi, may Allah protect him, aims to create a safe investment environment in the field of real estate development, enhancing the emirate’s competitiveness in this vital sector and achieving a fair balance between the interests of both the developer and the buyer.
Al Nuaimi explained that the articles of Chapter Six of the Law addressed in details the rights of buyers of the off-plan real estate units including the right of access, the right of waiver, the right of the buyer to dispose and withhold payment of the due payment as well as the right of termination of the sale contract and indemnity, and other rights and obligations set by this Law to save the everyone’s rights.
H.E. Abdulaziz bin Nasser Al-Nuaimi also called on all stakeholders to view the articles of this law by visiting the Department’s website or attending educational workshops organized by the Department periodically to enhance legal awareness among community members and regulate the real estate market according to the regulations and legislation enacted by the rational government.