Revision to DIFC Real Property RegulationsNews11 May 2020 11:29 am
The Dubai International Financial Centre Authority (“DIFC Authority”) has enacted minor amendments to the Real Property Regulations that came into force on 12th November 2018, when the Real Property Law, DIFC Law No. 10 of 2018 was enacted.
The new Real Property Regulations which come into force on 11th May 2020 will achieve the following:
- Bringing the enforcement and compliance regime under the Real Property Law and Regulations in line with the DIFC Operating Regulations that came into force on 12th November 2018, by explicitly constituting all contraventions of the Real Property Law as offences, providing a mechanism for the enforcement of fines and applying the Decision Making Procedures;
- Identifying a separate form of notification for a transfer of Indirect Interests; and
- Providing the Registrar with the power to make default assessments of the Transfer Fee with a reverse onus of proof.
These amendments were required for standardisation and consistency across DIFC legislation.