Dubai International Financial Centre Launches Consultation on Proposed Amendments to Real Property Law for Consultation
Dubai’s International Financial Centre has launched a consultation on proposed amendments to its Real Property Law (DIFC Law No. 10/2018). It ends on 29 March 2022.
The proposed amendments relate to Part 9 of the Law. They relate to default remedies for mortgagees. The key changes include the removal of the mortgagee’s right of foreclosure in its entirety. They will also clarify the mortgagee’s rights and obligations in terms of the exercise of their statutory power of sale in the event of a default by a mortgagor and remove the reference to ‘under the principles of English common law and equity’ in Article 29(b) of DIFC Law No. 10/2018.
The amendments are aimed at facilitating the administration and enforcement of the Law and improving the regulatory framework within the DIFC, in line with current common law practice.
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