Dubai is updating its Real Estate laws to prevent another property bubble and create a clear legal framework to regulate transactions between developers and investors.
Not only will the law spell out the duties and duty of both developers and investors, but by clearly outlining the conditions for reselling properties, it’ll reduce speculation that leads to dangerously inflated costs that grows the cost of doing business and living in the emirate.
The laws are needed to reinforce investor confidence and ensure the sustainable recovery of Dubai real estate, by offering clarity and protection in case of disputes. A template contract, conventional sales and purchase agreement plus an unified law will all help to encourage the required transparency.
Importantly the law requires both investors and developers to take the time to comprehend the conditions of the contract, rather than just blindly sign them. By empowering investors and developers to exercise their rights, the law will strengthen the market for all.
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