Dubai’s real estate sector, currently ranked as the most transparent market in the Middle East North Africa region, is on course to get a further fillip with the enforcement of an impending law aimed at protecting investors, according to a global financial and professional services company specialising in real estate.
Dubai Land’s new law, which allows investors to cancel their contracts and get their money back in cases where developers violate the terms and conditions, is expected to boost investors confidence, Jones Lang LaSalle, or JLL, said in its half-yearly review of the property market. It will also pressurise developers to finish their projects, the review said.
Under the new law that would ensure more transparency and better regulation of the real estate market, investors can cancel their contract if the property handover is delayed for more than a year. Investors are also eligible for compensation if the handover is delayed for more than a month. Under the new law, investors will have the option to demand compensation in the event of defects in the property when it is delivered.
this is so much more than i needed!!! but will all come in use thanks!!
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