Watchdog: new rules for dubai

Dubai's real estate watchdog plans to introduce new regulations to help restore the confidence of investors considering making purchases in the emirate, it has emerged...

The Dubai Real Estate Regulatory Agency is in the process of drawing up plans which would mean developers have to complete 20 per cent of a building's construction before they can begin sales.

It is hoped that this will help settle disputes between developers and real estate investors in Dubai, as the current system - whereby developers are able to demand high payments from investors when construction of the building is still in its infancy - has received criticism.

The issue may be raised at a property conference taking place in Abu Dhabi, which will feature daily seminars on the various aspects of real estate investment in the United Arab Emirates.

Organiser Dome has stated the three-day event will feature talks from property experts and chief executives of property developers. 

Source: www.propertyshowrooms.com