Dubai has issued a new decree to update the way it deals with unfinished and cancelled real estate projects. The emirate is establishing a new committee to oversee all projects that are cancelled or unfinished. It is reported that the decree was issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai.
Pursuant to Decree No. (33) of 2020, which is the name of the special committee, has been changed to the Special Tribunal for Liquidation of Cancelled Real Property Projects in the emirate of Dubai and Settlement of Related Rights. It is reported that the new name will take over the old name of the committee, across all legislations applied in Dubai.
The chairman and members of the new Special Tribunal will be appointed by the Chairman of Dubai Judicial Council, media reports said. The Tribunal will be responsible for creating a settlement of disputes related to these real estate projects.
The new Tribunal will be authorised to review both normal and urgent matters. Also, it will issue judgements or provide amicable settlements regarding the same.
More recently, it was reported that Dubai property developer Damac Properties has surged to a two-year high following the board’s decision to consider an acquisition within two days, media reports said. Dubai’s home prices have slumped by more than 30 percent since 2014. The oversupply in real estate was impacted by the pandemic on the back of declining interest among foreign and local investors.