Published: 9th September 2013
With the Dubai real estate market beginning to show signs of a more sustained recovery, the news that a new resolution will shortly be passed offering extra protection to the investor was widely welcomed last week. The draft resolution, which looks set to become law by the end of June will offer increased protection to investors against issues such as delays and failed delivery.
The new draft resolution is one of a series of federal responses to the recent economic crisis in the emirate, which resulted in a considerable loss of confidence in the Dubai property industry. With a lack of industry regulation being highlighted as one of the key issues facing the Dubai real estate market, the authorities are keen to increase the levels of accountability on developers throughout the emirate.
Director General of the Dubai Land Department, Sultan Bin Mejren went on to say that the new resolution will offer increased protection to the investor, entitling them to a receovery of funds from the developer in instances where delivery has been delayed or stalled completely. Sultan Bin Mejren also stated that he expected the new draft reasolution to become law by the end of June this year.
The new proposals have been warmly received by all parties operating within the Dubai real estate sector, who see a more comprehensive regulatory framework as critical to improving investor confidence in the emirates property industry.
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