Dubai 'may tighten property regs'

07/01/2009 - Dubai Property News
Dubai 'may tighten property regs'

Dubai authorities are considering tightening up property regulations in response to changing macroeconomic conditions, the Agence France-Press has cited local media as saying.

Under new proposals being considered, buyers would be required to pay developers a deposit equal to 30 per cent of the property price, while the remaining 70 per cent would be paid in instalments tied to the completion of various phases of the project, the National reported.

Lisa Dale, head of the property department at Al Tamimi law firm, told the paper that new rules would mean that a developer would only be able to offer units once 20 per cent of work had been finished.

Such news may well be of interest to those considering buying property in Dubai.

Ms Dale added that the new measures would help to ensure that future project approvals are linked to long-term feasibility.

At the end of last month, Asad Khan, of Shaw Group Middle East and Asia, noted that property investment in Dubai offers both high returns and stability.

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