The regional real estate, construction and hospitality sectors have been turned upside down over the last two years, with Covid-19 bringing these sectors to a halt. The impact of the pandemic remains, however, the resurrection of these vital sectors across the region is a welcome relief because they support the development of modern cities, which in turn have attracted commerce and tourism to the Middle East and North Africa.
This latest edition of Law Update, provides vital insights, updates and commentary on the latest trends taking shape across the real estate, construction, hotels and leisure sectors. The articles within this edition cover a broad range of topics, from what’s next for real estate in Dubai, to commentary on Saudi real estate, a market that is set to become the main bedrock of the region for years ahead. You will find articles on reforming real estate laws in Qatar, foreign investment and ownership in Oman, and mitigating risks on hotel construction projects and the lessons learnt from Covid.Read the full report
In light of the Dubai Land Department’s continuous endeavours to simplify and improve the registration services of real estate rights in Dubai, Majid Al Mirri, CEO, Real Estate Registration and Real Estate Services, issued Circular Number R/102/2020 concerning the registration of Initial Sales Contracts (“Circular”).
The Circular provides that it is no longer required for real estate developers and purchasers to sign the Standard Sale and Purchase Form generated by the Developer Self Registration (“DSR”) system for registration of Initial Sales Contracts. The Circular also confirms that the developer’s sale and purchase agreement which is signed by the developer and purchaser (together with the required documents), will suffice for the registration.
The above procedure is effective from the issuance date of the Circular, being 29 January 2020, and real estate developers can proceed to upload the signed sale and purchase agreement prepared by the developer onto the DSR system for registration purposes.
In our view, this is a very positive development which will simplify and expedite the registration process of Initial Sales Contracts.