real estate Archives - Fichte & Co

Everything You Need to Know about FIDIC Contract in the UAE

Introduction The International Federation of Consulting Engineers (FIDIC) is an international organization best known for developing standard contracts forms for the construction and engineering industry. Due to the rapid construction growth during the last 20 years and international cooperation, FIDIC contracts are commonly used on construction projects in UAE. However, peculiarities of legislation and special...

October 31, 2018

Examining FIDIC Construction Contracts: Part 1 – The Dispute Adjudication Board

Muqawala contract or construction contract is in its general nature, governed by the general liability rules stipulated in the Federal Civil Transactions Law No. (5) of 1985 as amended by the law No. (1) of 1987. In particular, the specific articles regulating the relationship between the employer, the main contractor and subcontractors are mentioned in...

August 27, 2018

8 Essential Issues to Consider Before Signing your Sale and Purchase Agreement – Dubai Property Laws

Purchasing off-plan property has become the new norm, with affordable prices and the increase in incentives being offered, purchasers are quick to jump on the bandwagon. The Dubai Law No. (8) of 2007 On the Matter of Escrow Accounts for Real Estate Development ("Escrow Law") was issued for the purposes of safeguarding purchaser’s money after...

News Update: FTA Publishes Real Estate Guide to VAT Law

The Federal Tax Authority (FTA) has published a number of guides on its website to further assist taxpayers to understand the VAT Law for Real Estate, and the Regulations. There have been a few legal issues surrounding the supply of real estate- concerning both commercial and residential properties. Despite the detailed provisions mentioned in the VAT...

November 5, 2017

New MoU between Dubai Land Department and Dubai International Financial Centre

The Dubai Land Department (DLD) and the Dubai International Financial Centre (DIFC) entered into a Memorandum of Understanding (MOU) on May 4th 2017, allowing DIFC registered entities to purchase properties and register their properties with the DLD. The MOU stipulates certain “eligible entities” in the DIFC which can own property in Dubai. This covers companies,...

September 11, 2017

Summary of the new UAE VAT Law

On 23 August 2017, the UAE published Federal Decree Law No. 8 of 2017 on Value Added Tax (“VAT Law”) which comes into effect on 1 January 2018 and sets out the framework within which VAT will be levied in the UAE. We have set out below the key points in relation to the implementation...

Real Estate Property Rights and Musataha in the UAE

The real estate market in the UAE has boomed in the past couple of years and has become known for the developments of some of the largest projects in the world. Despite the property market boom, the laws have only slowly evolved protecting the interests of buyers and owners alike. Much of the UAE now...

DLD Makes Unified Real Estate Contracts Mandatory

In line with its stated aim to create a transparent and professional real estate market with clear and measurable standards, Dubai Land Department ( DLD ) has announced the launch of unified real estate contracts. The new agreements have been designed to regulate the relationship between the parties involved in property transactions and to avoid...

February 4, 2014

New Rental Cap Decree In Dubai

His Highness Sheikh Mohammed bin Rashid Al Maktoum has issued Decree No. 43 of 2013 (“Decree 2013”) in connection with the real estate rental increase in the Emirate of Dubai. The provisions of Decree 2013 apply..

February 1, 2014

DIFC Amends Real Property Regulations

The Dubai International Financial Centre Authority has announced it has launched a consultation on proposed amendments to its Real Property Regulations. The consultation ends on 22 February 2014. If adopted..