Dubai property investors to be boosted by new legislation

18/12/2012 - Dubai Property News Neil King
Dubai property investors to be boosted by new legislation

Government leaders in Dubai are set to introduce new laws that provide property investors with even more protection.

The Dubai Land Department (DLD) has confirmed the legislation will ensure that people who are let down by building developers will receive a complete refund on their investment.

Speaking to Emirates 24/7, senior consultant and senior director of planning and organisational development at the DLD Majida Ali Rashid said the Real Estate Investor Protection Law will come into effect in the first quarter of 2013.

"We got a number of comments and suggestions from the public and subsequently we have made necessary changes in the law," he was quoted as saying.

Dubai has undergone an incredible amount of regeneration in recent years and the city boasts some of the tallest and most innovative towers in the world.

UAE construction firms are obviously extremely competent and the vast majority of projects will be finished on time and under budget.

However, it is always nice for foreigners to know they are covered by this new law and it will ultimately make property investments in Dubai even more appealing.

Not only does the ruling offer complete refunds to dissatisfied customers, it also allows investors to claim compensation if they feel the building company has violated the original contract in any way.

Law firm Hadef & Partners told the news provider that only 28 per cent of 8,500 respondents knew about the law, so it is important that the DLD does all it can to raise awareness about it.

Real estate prices are rising across Dubai and the demand for luxurious property in more exclusive parts of town is exceptionally high at the moment.

According to Cluttons, a greater number of high net worth individuals from within the Gulf Cooperation Council are set to snap up a UAE-based property investment in 2013.

Around 40 per cent will favour residential buildings, while the same number will concentrate on the retail and leisure market.

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