source Go Wealthy
New legislation being discussed pertaining to off-plan sales could have far reaching consequences for the Dubai real estate market. According to the new law, property developers potentially will not be allowed to apply for permission to sell off-plan property unless the land in question has been 100% paid for by the developer or development company.
Furthermore, consent by RERA (Real Estate Regulatory Authority) permitting developers a license to sell off plan property will not be granted unless 20% of construction is achieved at the submitting of license stage.
It seems that the Dubai government is keen to show that they are conscious of the fact that they have been too lenient on developers, something which has become clearly apparent as the world fights the recession.
Monday, February 9, 2009
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