Dubai’s developers put squeeze on speculators | GulfNews.com

Dubai’s developers put squeeze on speculators | GulfNews.com:



"Dubai’s developers are finally getting a firm grip on speculators when it comes to off-plan purchases. And the formula they are using is quite simple — make sure that the property buyer is committed to an at least 30 per cent payment before he can think of selling. In some cases, the threshold limit could be set at 40 per cent.



It was the master-developers who were first to come in with such stricter requirements, from the second-half of last year, on when an off-plan property could be released into the secondary market. But such was the demand for Dubai property among investors, most of them outright cash buyers, that these provisions did not make much of a dent at the time. It is not the case now.



More private developers are anchoring their sales and purchase agreements (SPA) with the 30-40 per cent requirement."



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