The Government of Dubai Land Department (LD) launched the Dubai Real Estate Arbitration Center on the sidelines of Alternative Dispute Resolution Conference for property disputes held for the first time during Cityscape Global. The Center will work neutrally to resolve property disputes by internationally recognized real estate arbitrators accredited by regional and international arbitration centers.
LD’s Director General Sultan Butti bin Mejren said: “Dubai real estate market has become one of the most developed and sophisticated markets due to the large number of dealers and clients. Now, there is an urgent need to establish a center to settle real estate disputes in a smooth and fast manner”.
He noted that the LD works to achieve real estate reconciliation in cases of dispute though what it calls reconciliation council to resolve disputes. In this council, the LD successfully solved a lot of disputes between developers and investors.
Bin Mejren stressed that the real estate arbitration is the quickest way to resolve such conflicts in the world. The new center will enhance mutual trust between the concerned parties in the real estate market, provide real estate consultations and legal advice in terms real estate arbitration along with providing awareness of the laws and regulations on property transactions. Other benefits of the center include easing the burden on the judiciary and the courts and to settle disputes quickly and reduce the cost of lawyers and legal advisers. The center is committed to respect the will of the dispute parties in choosing the arbitrator and the appropriate method in settling the dispute as fast as possible.
The Dubai Real Estate Arbitration Center will include a special section of real estate reconciliation to be one of the alternative means to resolve real estate disputes and reach an amicable and fair agreement between the two parties thanks to intermediary intervention that is professional, neutral, impartial and independent.
In his speech at the conference, Ahmed bin Hazim, Director General of Dubai Courts said: “Dubai Courts appreciates the efforts of LD in resolving disputes in alternative means and providing a quick mechanism to resolve disputes through arbitration though the Dubai Real Estate Arbitration Center launched today by LD.
Bin Hazim emphasized on Dubai Courts vigorous efforts in mediation and settlement through the Centre for Amicable Settlement of Disputes of Dubai Courts which becomes within the priorities of the commercial and real estate sectors.
Alan Collette, President of the Royal Institution of Chartered Surveyors (RICS) launched RICS’s initiative for Middle East by qualifying and training real estate arbitrators. In her speech, she spoke about the alternative ways to resolve disputes noting that many nations in the world nowadays resort to alternative means through the intervention of a third party to resolve disputes before moving the dispute to courts.
During the conference, the future of real estate dispute resolution in Dubai and the role of real estate expert in UAE and Britain were discussed in details.