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The law is a big stride forward to make Dubai |
The new legislation mandating off-plan properties to be registered with Dubai Land department, will make Dubai's real estate market an investor friendly haven, legal consultants say. The Law No 13 would give a huge fillip to property investments, considering the increasing number of investor grievances in the last few years, especially in the off-plan property sector.
Will Grinter, legal consultant in the UAE at international law firm, Clyde & Co: "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."
A real estate court due to start operations in Dubai to look into property disputes, will only add to the credibility of the UAE market. Grinter says further that for project delays or cancellations, the Real Estate and Regulatory Authority (Rera) holds investigative powers.
