Dubai, UAE: Dubai Chamber of Commerce and Industry, in cooperation with Afridi & Angell, recently organised a webinar which examinedUAE real estate laws and recent developments that are likely to affect the real estate sector and shape its future.
The virtual event was attended by over 250 participants, including business owners,managers and legal professionals, and addressed key challenges facing investors with a focus on the available options to secure their investments without incurring unnecessary legal complications.
The session was led by Shahram Safai, Partner at Afridi & Angell and Nazim Hashim, Senior Associate at Afridi & Angell, and provided an overview of the decree and law issued in 2020, which relates to 100% foreign ownership in a company incorporated onshore, as well as insights on aspecial judicial committee for unfinished and cancelled real estate projects, and a new amendment requiring developers to refund 100 percent of the amounts paid by purchasers in the event that a real estate project is halted or cancelled.
Various trends in the UAE real estate market were highlighted during the session.From a real estate sales perspective, Dubai continues to be a buyer-friendly market and witnesses strong demand within the high-end segment of the market, while oversupply still remains an issue impacting the sector, the speakers said.
They noted an increase in developer incentives, post-handover payment plans, registration fee rebates, freezing property service charges, guaranteed rental returns and rent-to-own schemes.On the rental side, landlords are responding to market challenges by offering more incentives such as rent-free periods, multiple rent cheques, short term leases, fit out contributions, and competitive rental rates, they noted.
Jehad Kazim, Vice President of Legal Services at Dubai Chamber,said the amendments to existing real estate laws and recent decree have created new incentives for real estate investors and boosted Dubai’s value proposition as an attractive business hub.
The webinar offered clarity on the legal requirements for real estate investments in the UAE and provided an ideal platform for participants to learn about market developments and seek practical advice from legal experts with a strong understanding of the real estate market, she added.
Dubai Chamber regularly organises training seminars and workshops to raise awareness about important matters and issues impacting the business community in Dubai. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.