Posted by Bob Brunskill
Two Dubai authorities are working on laws that could greatly increase the protection afforded to property investors in the emirate.
The Dubai Land Department (DLD) and the Real Estate Regulatory Authority are considering legislation which could impose financial penalties on developers who delivered properties late, 7 Days reported.
Emad Eldin Farouq, the senior adviser at the DLD, told the news provider that the laws might also regulate the buying of off-plan properties and make provisions for investors to gain a refund or replacement if the delivered property is defective.
Lisa Dale, a senior partner at Al Tamimi law firm, added that while there is no date set for when the new laws might be passed, she expects them to also apply to people who have contracts at the moment.
Last week market forecaster Shuaa Capita told Emirates Business 24/7 that Dubai will deliver an impressive 26,650 apartments and villas this year - the highest number since the property boom took off.