Faced with a cooling property market and stalled projects across Dubai, the Real Estate Regulatory Authority and Dubai Land Department are expected to introduce regulations that will prevent the emirate’s economy from overheating in the future.
One of the regulations expected to be announced in coming weeks would require developers to tie payment plans for buyers with construction milestones, while the other would require developers to have completed 20% of the building before sales could begin, according to lawyers briefed on the plans by the authorities.
'This is going to result in stronger developers,' said Lisa Dale, the head of the property department at the law firm Al Tamimi.
The National
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