New Law to Protect Buyers in 2013

New Law to Protect Buyers in 2013

Dubai said on Tuesday that the world's first governance charter for real estate developers - aimed at improving transparency in the sector - would be implemented by January 2013.  The charter will call on developers to disclose details regarding their activities, progress of their projects, financial solvency and ability to manage quality and risk. It also aims to attract foreign investments, raise the level of confidence and enhance the efficiency of real estate companies, DLD said in a statement.

Dubai’s new real estate investor protection law is also going to be released during the first quarter of 2013, the Dubai Land Department has confirmed. A draft was published in June and after a consultation process the final law is now being drawn up. The law will pave the way for property investors to get a complete refund if a developer fails to complete or handover a property within the stipulated timeframe, or if the developer deliberately defrauds, or alters the specifications of the unit without obtaining the necessary permits.

“Developing and strengthening corporate governance practices is a prerequisite for protecting property rights, attracting and ensuring the loyalty of investors, developers, brokers, lawyers and managers of property owners' association in addition to residents, consultants and stakeholders from other entities. This will surely boost confidence in Dubai's real estate sector.” Marwan bin Ghalita, CEO of Dubai's real estate regulator RERA.

Investors will also be able to claim compensation in cases of breach of any warranty or undertaking contained in the sale contract by a broker or for misrepresentation by a developer or broker.

Meanwhile, new figures from the emirate’s Real Estate Regulatory Agency (RERA), the regulatory arm of the Dubai Land Department, show that there are now 3,094 real estate brokers registered in Dubai.

In terms of nationalities, UAE nationals dominated this profession with 620 brokers, while Indians ranked second with 438 brokers, whilst Pakistanis came third with 428 brokers. British came fourth with 304 brokers, followed by Egyptians with 160 brokers. At the bottom of the top 10 list came the Filipinos with 59 brokers.

Yousef Al Hashmi, director of RERA’s real estate licensing department, said it is now no longer possible for companies to undertake brokerage activities without registration so end users and investors are protected when purchasing property in the Emirate. 

Do you want an Audi with that Sir?

Do you want an Audi with that Sir ?

DAMAC Properties is endeavoring to allure buyers with a new campaign offering a free Audi car on residential properties purchased during the 2013 Dubai Shopping Festival.

During the 30 day-long shopping festival, buyers who opt to buy a penthouse suite at the developer’s Burjside Boulevard or a unit at Ocean Heights will get a free 2014 Audi R8 with their new property.

Also, buyers of a two bedroom sale will get an equally luxurious Audi A6 and those settling for a one bedroom unit will drive away in an Audi A4.

“The Audi R8 is one the most luxurious cars we have ever offered, with a retail price tag of almost half a million dirhams,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “It is a very simple and attractive promotion… No catch, no complicated regulations, simple,” he added.

DAMAC will have stands at the Mall of the Emirates, Deira City Centre and along The Walk at Jumeirah Beach Residence offering the promotion.

The largest private developer in the Middle East, Damac has completed 37 buildings to date with 7,817 units and has around 65 buildings at various stages of development across the Middle East and North Africa.

Dubai Hills - First Mohammad Bin Rashid City Project Revealed

Dubai Hills - First Mohammad Bin Rashid City Project Revealed

On Sunday 9th December 2012, major development partners of Mohammed Bin Rashid City (MBR), Emaar and Dubai Holdings announced the project’s first multi-billion dollar residential development - Dubai Hills. The project will comprise luxury villas, which will be built on large plots of 20,000 to 30,000 square feet. The new gated community will provide ultra-luxury residences, designed to the bespoke considerations of the owners. Truly unparalleled in the residential project development history of the city, Dubai Hills ushers in a brand-new lifestyle that will set a new mark in high-end lifestyles, following the enormous success of ‘Emirates Hills’ developed by Emaar.

This residential development will be situated between Emirates Road and Al Khail Road. In addition to offering contemporary life amenities such as healthcare facilities, schools, retail outlets and parks, residents will also enjoy trouble-free access to the largest park of project, world’s largest Mall of the World and largest family entertainment center of the project. It is a brand new project that has predicted to redefine the concept of city within a city.

The exclusive gated community will be constructed around a 18-hole championship golf course, with the villas to overlook the rolling greens and fairways. Each villa will be set on spacious plots of 20,000 to 30,000 sq ft, giving customers the option to develop mansions of their choice in the heart of the city. The community assures residents of safety, security, reliability and effortless access to all lifestyle amenities within an integrated neighbourhood.

The city will also have a dedicated area for promoting entrepreneurship and innovation in the region. Developed to meet the future needs of Dubai, MBR City is also aligned to Vision 2030 to boost the UAE economy to enter a new era where it becomes the capital of entrepreneurship, arts, culture and family tourism.

Potential customers can now register interest for plots and villas in Dubai Hills.