A draft law to protect property investors in Dubai is currently being considered by courts in the Emirate.
The draft of the Real Estate Investor Protection Law is pending approval, according to a spokesperson from the Dubai Land Department (DLD).
“We had issued the draft law in the media and we got a lot of feedback. We then fine-tuned the draft law and now it’s waiting for approval from the Diwan,” the spokesperson added.
Under the provisions of the new law, investors would receive significantly greater protection in cases where they lose money to unscrupulous investor or to developers that fail to deliver.
Local media reported that if a developer deliberately defrauded an investor, or if a developer fails to complete a project and hand over the property within a specific time , the investor will be entitled to receive a full refund.
Investors will also be entitled to a refund if the developer changes the property during the course of development without having obtained permission.
The draft law has been welcomed by the growing number of property investors who are considering Dubai as their next property investment destination.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.
