Dubai Property Law Changes
Dubai’s Real Estate Regulatory Agency (Rera) has announced that new property developers in the country will no longer be allowed to sell off-plan properties without paying one hundred percent of the land price. New developers will also be obliged to use a part of a project’s value to get construction under way as well as linking payments to construction. These new regulations are set for introduction in March 2009.
A new ‘cool off’ law is also set to be introduced. This law will give property investors a 15 day window in which to decide whether to commit to a contract on a property or not.
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