The multi-billion dollar projects that come up in Dubaiwill be incorporated into a tightly regulated market that has experienced new laws on property brokers, the introduction of escrow accounts and the creation of the Real Estate Regulatory Authority (RERA). Upcoming projects will be merged into the Dubai Urban Development Framework, which aims to create a planning and management framework for Dubai .

Analysts say these initiatives are moving Dubai 's property market towards greater stability and investor confidence.The Dubai land department is in a process to establish two new laws giving election rights to owners of Dubai property. This law would bring out a proper electing body for Dubai property owners thereby establishing transparency to the property sector of Emirates. The laws are; Condominium law and Owner’s association law.

The Condominium law is expected to take shape within the next two or three months, whereas, the other would be following soon within a year. Definitely an upcoming addition to the property law is vital for the sustainability of Dubai 's property market.

The Dubai Land Department says the condominium law will define the rights and responsibilities of property owners towards common hold land in freehold developments. The Land Department recently announced that the condominium law, known in some countries as the strata law, is awaiting signature of the highest authorities and is expected to be in place before the end of the year. At least 120 new residential towers are scheduled for completion in Dubai within the next months, making it vital to have a comprehensive law in place beforehand.

A guide having a detailed map of all freehold areas and procedures for registration will be out soon. The Condominium Law will focus on the relationship between investors and developers in freehold apartment buildings, clarifying arrangements for maintenance, utilities and services, besides covering rights of use and owners' associations. The second law, the Owners Association Law, will ensure the formation of a body, where the owner of the building will be able to elect representatives to form an association.

The recently formulated Escrow Law 8 is the latest buzz in the real estate market of Dubai . According to the law, all funds received by the real estate developers in Dubai will be regulated through escrow accounts supervised by the Dubai Land Department. All property developers in Dubai who sell units off-plan with payments from buyers before the concerned property gets completed comply with the Escrow Law.

Dubai Land Department has released a list of approved banks that will act as account trustees for escrow accounts under the new law. At present, HSBC tops the list followed by Tamweel, Dubai Islamic Bank, Emirates Bank, National Bank of Dubai, Amlak Finance PJSC, Commercial Bank of Dubai and Abu Dhabi Commercial Bank.

Dubai real estate is a booming market for investors from a whole cross-section of investors from all over the globe. The Dubai Land Department also came up with Real Estate Regulatory Authority to manage real estate activities in the emirate.

But analysts say the job is far from complete. The much-anticipated Condominium Law is still pending. When passed, it will clarify the rights and obligations of homeowners towards common hold land in property developments, as well as set out the responsibilities of home owners associations.

Dubai needs a mortgage law to clarify the rights and obligations of mortgage providers and holders, as well as issues related to mortgage defaults and possession. For many years, property experts have clamoured for clarification of inheritance procedures and compensation to buyers for late delivery of property. Once the condominium law and mortgage rules are enacted and other grey areas dealt with, confidence from potential buyers is expected to increase even further.

The Dubai Real Estate Corporation (DREC) was established in June 2007 to fill niche sectors of the market. The corporation, which operates as a full-solution real estate company, is responsible for providing a number of value-added services for property registered in the name of the Dubai Government and its departments. These services include real estate management services, leasing and facility management services, and consultancy in asset management. Investments within the hospitality, entertainment and leisure sectors are also central to DREC's operations.

In other words Dubai is all set for achieving excellence in the real estate sector with new laws being suggested and implemented for making Dubai the perfect second home for all nationalities. Such laws are commonplace in other parts of the world, and the introduction of the law here would further integrate Dubai real estate into the global property market.