The Gulf emirate of Dubai has brought in new regulations concerning off-plan development.
In an attempt to provide better regulation, the emirate will now forbid any off-plan sales of unregistered property, Gulf News reports.
Henceforth, all such properties must be registered with the land department, something Abu Ali Malek Shroff, Chairman of Shefield Real Estate, said would be helpful to investors.
He told the paper: “The new law aims to help regulate the emirate’s booming real estate sector and boost investor confidence in the property market.”
It will particularly help by providing a proof of ownership document to help settle any disputes, he added.
Said Marzooq Al Rashdan, vice-chairman and managing director of boutique developer Abyaar agreed, telling Property Wire that the new rules are in everybody’s interests and will prevent unrealistic speculation that leads to excessive price inflation in the market.
