The new law will allow anyone who has made an investment in property in the emirate to receive a full refund if a property developer fails to deliver an off-plan property on time. Other occasions in which investors can request to be compensated include breach of warranty and fraud.
The plans for the new law came to light in June when a draft was published. This early version of the law has undergone amendments after a consultation process. Majida Ali Rashid, director of planning and organisational development at DLD, explained that the public and interested parties, which were included in the talks, brought several suggestions to the table.
Boost to investor interest
The final version, which is now being drawn up, will ensure that interested parties are less exposed to risk when it comes to investment in property in Dubai. With the new law, investors receive extra protection in situations where they have suffered from a developers inability to keep the terms of the agreement. This will most probably give a boost to Dubais property market, aiding the recovery which has recently been seen after the market crashed in
2008 following the global economic crises.
Dubai is a country which has attracted serious global interest for investment in property. Over the last decade the country has launched some of the most ambitious infrastructural and development projects in the world such as Dubai Marina, Jumeirah Lakes Towers, Palm Jumeirah and The World Islands. These and other projects have had property investors salivating. According to the emirates Real Estate Regulatory Agency (RERA), Dubai is currently home to 3,094 registered real estate brokers. Nearly 50 percent of this number comes from UAE (620), with Indians (438) and Pakistanis (428) also well represented. Britain comes fourth with 304 brokers.
And with the new protection measures Dubai will become even more attractive destination for property investors across the world, creating a safe and fertile ground for whatever spectacular project developers in the emirate dream up next.
Along with the growth in the Real Estate market, Dubai has experienced simultaneous growth in its home finance sector in the past three years. According to a recent study by EFG-Hermes the current outstanding loans stands at Dh 11.5 billion. It is estimated by the Egyptian investment bank that the UAE housing finance sector will grow by Dh 14bn in 2007, Dh 18bn in the year 2008, the growth is estimated to be Dh18bn in 2009 as well and Dh 14bn and Dh 17bn in the years 2010 and 2011 respectively. These figures have been derived based on an expected population compound annual growth rate of about three percent. The most dominant forces in the Emirates home finance market are Amlak and Tamweel. They account for over 35 and 25 percentage of the industry respectively.
The Real Estate boom of the emirate has left the world spell bound, EFG-Hermes predicts that the total growth in the Real Estate should exceed the figure of Dh419bn in the years between 2008 and 2011. It has also been said that Dh 64bn will be funded through credit. The national bank of Dubai has tied up with Dubai properties for the sole purpose of finance apartments which are bought in tower H. Tower H is a primary tower for residential purposes at Business Bay in the project of the executive Towers. This tie up of the national bank of Dubai and Dubai properties, is more than welcome, as this tie up will ensure easy financing terms for the people who are aspiring to buy apartments in tower H. These easy schemes will mean that people will be able t finance their dream homes with no obligations of interest repayment. In this case the loan is made available for 85 percent of the property price of a sum of 4 million AED, whichever is lower. This loan is provided for a period of 20 years.
Dubais Islamic bank (DIB) and Al Islami home finance are also witnessing high demands from the retail customers. They have recently launched solutions that aim to meet the requirements of retail customers. These customers include both the UAE nationals and expatriates who are keen on buying property in the UAE freehold property market. In response to this high demand of the people, DIB has announced the launch of Mobile Mortgage Advisors. They are a team of mortgage sales expert who will be providing valuable consultancy at the customers door step.
Al Islami finance has launched finance solution products such as the forward Ijarah and Ijarah. Through the Advanced Eligibility Process customers get a right to choose their finance limit without first having to choose the property. The Dubai Islamic bank caters to the needs of a diverse customer profile. Also the al Islami home finance provides up to 90 percent finance and a maximum tenure of loan repayment of 25 years depending on the eligibility of their customers.
In the present times, more and more people are looking to get top-notch legal services offered by leading law firms. Be it the UAE or anywhere else, an increasing number of clients is counting on the services of exceptional law offices to get superb legal support. A wide set of factors separate modern day law firms UAE from the rest. They provide superior services that cover a whole host of domains. It is crucial to take a look at a few of the practice areas in some more detail.
The legal consultants Dubai and other areas of the country have started taking interest in rendering world class services related to banking transactions and that are based on UAE’s banking rules and guidelines. Advocates Dubai are able to deduce the banking contracts such as borrowing, bank bonds, letters of credit and their legal implications and based on the deductions, they offer mind blowing services. What’s more, the many contracts also require professional assistance. Right from individual to company contracts, thorough legal opinion can come in handy in developing a fine-tuned contract.
Whether it is landlords or developers, the solutions of law firms Abu Dhabi play a key part in settling a number of real estate related arguments. Lawyers who have considerable real estate experience offer consultancy related to laws and local regulations concerning property related activities. Then, sought-after law firms assist clients in trademark registration, patents and copyrights. A recognized company ensures that demarcated steps are taken to sort out disputes concerning ownership of patents and copyrights.
Then, consultants also have ample experience in taking care of disputes stemming out of labor contracts. Working according to the guidelines set by UAE law, they file labor cases for entitlements, claims and compensations. Maritime businesses across seas and oceans ask for exceptional level of knowledge of the maritime law. Shipping as well as freight companies utilize the services of established law offices in the region and accordingly tackle legal disputes concerning sea-related contracts and agreements.
In addition to the above mentioned domains, impeccable setups also cover areas such as criminal cases, legal transition, insurance, administrative law and others. You must always make it a point to contact a reliable law firm in UAE. Salem Al Maddfa Advocates & Legal Consultant is known for being one of the best companies rendering expert legal services. Right from the beginning, the popular law firm has been at the apex of offering cutting-edge services. The company is backed by an experienced and qualified team of advocates and works on behalf of its clients to offer best legal assistance. You can find out more about the firm on their informative website. So make sure to visit www.saslawuae.com today.