new laws to protect dubai property investors
News Posted On: 04 February 2009
Overseas property buyers considering making a purchase in the Dubai property market might be encouraged to learn that legislation is being drawn up to provide added protection for investors.
Under the new laws, developers selling off-plan homes will have to own the land on which the project is located and will be required to complete 20 per cent of the construction before entering into a contract.
It is hoped that this will combat the growing number of failed developments, which some think are being caused by the global economic downturn.
The new measures will also link payment plans with the progress made in construction, a measure that is hoped to stop developers asking for large deposits and then failing to complete projects on time.
One investor in the emirate commented: "Refunds should be given and projects cancelled if construction has not started way beyond the date given but this isn't happening."
The liquidity crisis in Dubai during 2008 has led to a slide in the high property values, which could make now the ideal time to purchase a home there.
Written by Jamie Arthur
Renting Property Abroad - thousands of properties for rent from around the world
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