Arabian Business, 24 August 2023: Fujairah’s Ruler has approved two new real estate laws in the Emirate. They have issued Fujairah Law No. 3/2023. This regulates joint property ownership in the Emirate.
They have also issued Fujairah Law No. 4/2023. This regulates real estate development guarantee accounts in the Emirate.
The two laws state that developers, management companies, associations and owners’ unions have to comply with the law within six months of their issued date. The relevant authority’s director may extend the deadline for compliance by another six months when required.
In addition, the two laws do not affect contracts signed between developers and owners before they come into force. Fundamental association systems approved and deposited by a relevant authority are also not affected unless they relate to the formation of owners’ associations.
Also reported in Al Bayan on 24 August 2023. Read the full story here.
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