Business | Property
New law promises property refunds in Dubai
Details of the new protection for homebuyers came in a newsletter from leading legal firm Al Tamimi and Co
- Staff Report
- Published: 09:09 January 25, 2010
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Most of the Laws in Dubai have been just and supportive of both parties. however I feel law no 13 was too much in favour of developer. Hope this new law comes faster, it will give much relieve to people and should make those sleeping and developers act faster.
Akash , Dubai, United Arab Emirates
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Really in this country there is fair and justice. It is an admirable rule. In this case the buyer will take a cool breath. And it will give support and strength to the buyer.
Shaikh Mohammad Ayoub, Dubai, United Arab Emirates
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The law is welcomed, and long due. It will provide greater transperancy during these times, where developers are taking un due advantage of investors. I believe this law would prove beneficial to investors and developers in the long run.
Fayaz Fatoo, Dubai, United Arab Emirates
Dubai: Dubai is considering a new property draft law which would enable property buyers to cancel their contract and claim a refund if the project is ‘unfeasible’.
Details of the new protection for homebuyers came in a newsletter from leading legal firm Al Tamimi and Co which says the new law will spell out ground rules for cancellations, most notably if a developer refuses to link payments to stages to construction or if the developer makes major specification changes.
The law also deals with the issue of refunds or replacement properties in case of defects in the property and financial penalty for major delays in delivery.
Comments (3)
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