Tougher laws on Dubai property transactions
Overseas property investors looking to purchase property in Dubai
are to be protected by a number of new rules.
The emirate's Real Estate Regulatory Authority (Rera) has introduced the laws in a bid to bring added stability and transparency to the market.
It is hoped the moves will also help to calm investor fears and safeguard the interests of both buyers and developers in light of the current economic turmoil.
A rule was introduced at the start of this month that prevents investors from taking more than 20 per cent of the cost of a property until construction has started.
And reports suggest that Rera is planning a further regulation which will force developers to ensure that at least 20 per cent of a building is completed before sales can start, spelling good news for the property market.
"These measures will ensure that only the most feasible projects go forward," said Lisa Dale of Al Tamimi's legal property department.
Earlier this month, Rera called for all of those involved in the real estate market to pull together to ensure that "everybody's rights are protected".