UAE pushes for off-plan laws

29/01/2009 - Dubai Property News
UAE pushes for off-plan laws
Confidence in Dubai property for sale will be given an added boost with new laws governing sales of off-plan real estate.

Such is the claim of Gulf News, which reports that the UAE government is pursuing new legislation that will attract more homebuyers and property investors to the market by offering added security for off-plan sales.

Once the laws come into effect, developers will need to have completed 20 per cent of construction before they can offer Dubai property for sale on an off-plan basis.

Meanwhile, the second tenet of the new legislation dictates that developers will only be allowed to take 20 per cent of the total value of the property as payment before the project is completed.

Gulf News insisted that the new laws will serve to strengthen the UAE property sector and encourage even more homebuyers and investors to enter the market.

The new off-plan legislation forms part of a wider plan for the UAE property market, with Abu Dhabi also considering the establishment of a new regulatory framework to further strengthen the sector.ADNFCR-2019-ID-18998970-ADNFCR