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Dubai plans real estate regulator bill |
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The draft bill for regulating real estate in Dubai, aimed at giving more powers to investors and promoting a transparent and competitive real estate market is being fine tuned by the Dubai administration. The administration is keen to introduce a system where investors will have the power to cancel their contracts if developers fail to fulfil their promises.
The move is aimed at restoring investor confidence in Dubai's real estate market, which fell considerably in 2009. The Land Department of Dubai is finalizing the investor protection law for real estate, which is expected to attract more investors to the real estate sector. After the market crash, Dubai is moving towards greater transparency in this sector.
Real estate investors want security for their money before making any investments in the region. They are adopting a cautious approach before making any fresh commitments.
The present law did not provide any specific regulations concerning cancellation of agreements in cases where developers fail to keep their word. The proposed law is expected to provide more security for investors. The move is expected to bring stability to the market and preserve confidence of those investors who were hit by the impact of Dubai's real estate crash.
Dubizzle - Thursday, 25 March, 2010 - 19:31
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