With the new law emphasizing that all Dubai off-plan units be registered with the Dubai Land Department, the real estate market in Dubai now has become an even safer place for investment, reveal legal consultants.
"The law is a step ahead in the vision of Dubai to develop a well-regulated property market, with particular emphasis being laid on consumer confidence and transparency" said Will Grinter, Legal Consultant, Clyde &Co., an international law firm.
Law No.14 will become effective in Dubai on the publication of next issue Government Gazzette. With concerns from investors in the off-plan market, this new law will boost the security aspect in investments, and will a shot of much-required confidence in the market as a whole.
Apart from offering protection to off-plan investors, the new law will also enhance transparency in dealings of the secondary markets in off-plan property, and will also facilitate the registration process upon completion of development.
A property court, due to begin operations soon, will deal with real estate disputes and is another positive step to ensure complete transparency in the market. Grinter also revealed that the new law would bring in a mandatory procedure that needs to be followed by any developer looking to end sale and purchase agreements.
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