Tighter regulation of off-plan property sales in Dubai announced
Tighter regulation of off-plan property sales in Dubai announced
All off-plan property sales in Dubai now need to be registered with the Dubai Land Department (DLD). The new regulation aims to prevent 'flipping', where property investors buy and sell property before it has actually been completed.
By requiring all off-plan property sales in
Dubai to be registered with the DLD, the Emirate's authorities not only hope to prevent the practice of
flipping, but also to stop the consequent boom in property prices, reports Homes Overseas.
The new regulation means that all sales and transfers of
property in Dubai have to be registered within a 60-day period or they will be deemed void and no property titles will be issued.
The move has been welcomed by property experts in Dubai. Marzooq Al Rashdan from boutique property developer Abyaar said: "We believe that speculative buying may harm the real estate market by pushing prices up to unrealistic highs. This has the ability to lead to a real estate recession, therefore laws that regulate the property trading process are in the interest of all the parties involved in this sector."
In addition to the new regulation of
off-plan property sales in Dubai, a new law was recently introduced in Dubai that requires all mortgage contracts in Dubai to be registered with the DLD.
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