- Over 250 participants joined the virtual event, including business owners, managers and legal professionals.
Dubai, UAE: Dubai Chamber of Commerce and Industry, in cooperation with Afridi & Angell, recently organised a webinar which examined UAE 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 a special 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.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
