Construction

Ajman Ruler issues new real estate development regulation law

Law aims to regulate real estate development projects in the emirate to forge a safe investment environment

HH Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued a new law pertaining to the regulation of the emirate’s real estate development, in a bid to maintain a balance between the interests of  both the developer and buyer, while ensuring  the emirate’s competitiveness in the property sector.

According to a WAM report, the law aims to regulate real estate development projects in the emirate, so as to forge a safe investment environment. It is also focused on achieving a balance between the interests of both the developer and the buyer, ensuring and enhancing the emirate’s competitiveness in the real estate sector.

As per the royal decree, any other text or judgement contradicting the provisions of this law will be cancelled. It shall come into force 30 days after its issuance, and will be published in the official gazette, the report added.

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