Dubai: Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued a new mortgage law to regulate the country’s real estate sector, said the chief executive of the Real Estate Regulatory Authority.

The new law regulates the mortgage process in an effort to protect the rights of lenders and borrowers and improve transparency, Marwan Ahmed bin Ghalita said on Tuesday.

The law, which comes into effect 60 days after its publication in the official gazette, stipulates that mortgage contracts be registered with the land department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked.

Gulfnews: Dubai ruler issues first mortgage law