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New Real Estate Law will Make Dubai a Safer Place for Investors
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Dubai: The new law requiring all off-plan units to be registered with Dubai Land department, will make Dubai's real estate market a safer place for people to invest their hard-earned cash, according to legal consultants.
"The law is a further step forward in Dubai's aim to develop an appropriately regulated real estate market, with particular emphasis on transparency and consumer confidence," said Will Grinter, legal consultant in the UAE at international law firm, Clyde & Co.
Law no 14 will come into force in Dubai on the publication of the next issue of the Government Gazette, which is expected shortly. With increasing amounts of complaints from investors, predominantly in the off-plan market, this new law will boost security of investments and add a shot of much-needed confidence to the market as a whole.
"As well as affording a level of protection to off-plan purchasers, the new law will improve transparency in secondary market dealings in off-plan property and will also facilitate the title registration process upon development completion," Grinter said.
However, Grinter warns that the new law does not contain any specific provisions regarding project delays or cancellations, although the Real Estate and Regulatory Authority (Rera) holds investigative powers.
A property court is due to start operations shortly to deal with real estate disputes, another step towards a fully transparent market.
Grinter said the new law also establishes a mandatory procedure which must be followed by any developer seeking to terminate a sale and purchase agreement.
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