Posted: 6 October 2013
Understanding Investment and Real Estate Law is Imperative to Ensure Business Success in the Emirates
Bond Lawyers has launched its new age investment and real estate services in the UAE. With considerable changes in the market since 2009, the legal framework has undergone substantial changes, which consequently call for different standard of legal services. Eli Hyder, Managing Partner at Bond Lawyers identified an opportunity in the recovering investment and real estate market – launching Bond Lawyers to fulfill new market demands.
As property prices begin to surge again in Dubai, UAE investors need to be appraised of the new real estate law and how it affects both – the developer and investor – before contracts are executed, to ensure a profitable venture between all parties.
Mr. Hyder has over 18 years of diversified international work experience, providing in-depth business and legal advice with an emphasis on commercial transactions. He states that the UAE law – has provisions that benefit both developer and investor during times of dispute; however investors have to be fully aware and advised of the new laws and shift in market dynamics.
Mr. Hyder, said: “Understanding the law is imperative to ensure stable investments and also to safeguard the interest of investing parties should a conflict arise. To avert errors that have occurred in recent years, we strongly urge potential investors to consult with lawyers about the plethora of options available to them, throughout any transaction and particularly after contract execution, to help them understand their rights as real estate investors, what remedies are available to them, and what actions can be taken should they be faced with possible contract termination in the event of a default or any other reason.”
Mr. Hyder commented further: “The legal framework in Dubai is focused primarily to provide transparency and stability to end users and investors. This in turn increases investor confidence leading to greater protection and reassurance in the market.
Dubai is also continuously introducing legal initiatives, strata laws, and facility management regulations that are geared towards encouraging investors and provide confidence in the real estate market. International investors have to be informed of those initiatives, especially the ones released in the last couple of years. Recent circulars issued by the Director General of the Land Department have introduced extensive limitations to the latitude previously granted to real estate developers, to cancel the registration of units purchased by defaulting purchasers, making it increasingly more challenging for developers to manage this process.