Real estate related news and press releases covering MENA region.
New law would provide refunds if Dubai developers default on handover
Apr 30, 2012
According to a proposed new Investor Protection Law in Dubai, property investors in the emirate are to be eligible for cancellation of their contracts and may seek full refunds if the real estate developer fails to provide the promised unit or services within a specific timeframe, Emirates 24-7 has reported. Under the proposed law, an investor will have the right to cancel the contract and obtain a full refund if the developer has taken more than eight months (beyond the promised handover date) to hand over the unit(s). Another provision proposes making it mandatory for the developer to provide all the common facilities promised in the contract at the time of handover.