As Winston Churchill once said: “Land monopoly is the
mother of all monopoly”. Decades later, this statement
has still proven to be accurate as real estate is a booming
industry all over the world. Real estate in the United Arab
Emirates (UAE) in particular, has seen a vast development in recent
times. This article is tailored to address real estate in the UAE
and in particular how the law deals with defective real estate
units that are handed over.
Development of real estate in the UAE
Legislation has been passed where now foreign expats can own
property in the UAE (subject to the Emirate and free zone). Prior
to this, only UAE and GCC nationals could own property in the UAE
and expats were only allowed leases for 99 years. How it worked
beyond 99 years was unclear, therefore, new structured law
governing this area of real estate owned by non-nationals was long
overdue. In 2006, HH Sheik Mohammed bin Rashid Al Maktoum, Ruler of
Dubai issued Law Number (7) of 2006 C
