Real estate rules and regulations form the essential framework governing the buying, selling, and managing propresidential and commercial propertyese regulations are a complex web of laws, ordinances, and policies established by governments at various levels, as well as industry standards and best practices. They play a pivotal role in ensuring fair and ethical practices within the real estate sector, safeguarding the interests of buyers, sellers, landlords, and tenants alike. No Government in the top real estate destinations in the world is as evolved as the Dubai legislator, as they are always keeping an eye out for existing problems and sometimes even being proactive about some of the problems that might arise, such as an escrow account, tracheas permit for advertisements and the golden visa scheme to promote investors.
Escrow Account
One of these schemes, perhaps the most important, is the escrow account managed by the DLD. An account controlled by an escrow agent is a third neutral party to safeguard the interests of both contracting parties, provided they fulfil all their obligations and duties contracted. The escrow account is set up for every single project in Dubai, meaning one developer can have multiple accounts open at the same time managed by DLD, opened at one of the nine local banks which are as listed on the DLD website {Abu Dhabi Islamic Bank, United Bank Limited, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, Arab Bank for Investment & Foreign Trade (Al Masraf), Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, and Mashreq Bank.} the funds in the account can only be released for the development of the project it was set up for and that project only.
Tarkheesi Permit
The Marchesi permit is a digital identification code that consists of 11 or 10 numbers and a barcode that is to be obtained from the DLD to advertise any property, unit, or project in Dubai.This system was put in place to act as a mechanism to fact-check the information advertised by real estate companies and brokers who might advertise something just to bait the investors or homeowners in and then start pushing other products, such as larger or smaller property or more expensive property which contradicts with Dubai’s government vision for being the most transparent real estate market.
Golden Visa scheme to promote
The golden visa scheme was a scheme introduced by the Dubai government that is given to real estate investors, geniuses, and highly skilled professionals that is valid for 10 years and renewable.
The golden visa part that we will focus on in this blog is the real estate investment part, which gives the real estate investor the golden visa for ten years without the need to return to the country every 6 months like other normal visas. The requirement for the golden visa for investors is having purchased a property that is valued at 2 million dirhams. The golden visa holder can sponsor his first-degree family members, and it can be valid even if the visa holder passes away until it runs out by the end of the term. A new ruling was introduced last week that allows the investor to apply for the golden visa upon clearing 1 million AED from the property value, which allows investors to get the visa in a faster, more convenient manner.
