New rules for Dubai developers
Officials in Dubai are planning to introduce new legislation aimed at protecting investors looking to buy a newly developed property in Dubai.
The Investor Protection Law, expected to be in force within the next few months will give property investors the opportunity for a full refund if developers do not deliver the full package on completion.
The proposed legislation has been drafted to avoid past problems where some developers have failed to provide facilities advertised in their promotional literature. In times gone by buyers have had no official recourse when dissatisfied with time delays on developments or residential facilities have not materialised as promised.
In the wake of the global downturn there are still hundreds of projects yet to be finished. If the new law gets approval developers will be subject to heavy fines if the properties are not provided to agreed specifications and completed before stated due dates as registered with the Real Estate Regulatory Agency.