The emirate of Umm Al Qaiwain has ratified a law effectively creating a real estate regulator, amid a sectoral boom in the UAE.
The new government body – Real Estate Foundation – will have an “independent legal personality,” and will be run by its own chief executive officer, state news agency Wam has reported.
It will have the authority over “advancing and licensing the sector,” the report added, as well as over drafting real estate policies and regulations.
The foundation will attend to the “urgent need” to reorganise the local real estate sector of Umm Al Qaiwain, and capture growing opportunities in its residential, commercial, and industrial property market.
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