Dubai Property Market News:
Dubai property sector currently reeling under the impact of global
credit crunch has slowed down considerably in the last few months.
However, the recovery is not too far off with things gradually limping
back to normalcy by mid 2010. Circa 2011, Dubai real estate could
fully recover, a new report by EFG Hermes indicated.
The new federal law passed earlier this month stated foreign
homeowners in the UAE with property investment valued over 1 million
dirham's would be eligible for a six-month renewable residency visa.
The move could further push Dubai property segment towards revival.
Property prices in Dubai were continuing to slide and were now down 35
per cent since the start of 2009, analysts say. The latest study on
the emirate's real estate market added that prices were 40 per cent
off their peaks of 2008.
Property Contracts To Become Simple:
A standard property contract is coming to Dubai's real estate market,
aiming to get rid of misleading small print. A senior official at
Dubai Land Department said that having a basic contract would now
become the norm and added that it would make it harder for buyers and
developers to wriggle out of contracts or to add fine print to
existing contracts. Emmad Eldin Farouq, senior legal advisor at the
Dubai Land department, said it would also provide a clear, transparent
guide to the rights of both the developer and the buyer. "The contract
is ready and we are waiting for directions," said Farouq said.
These standard contracts are going to be given for all properties.
"The contract will not be changed if it is completed or uncompleted.
For any contractual agreement, it must be simple and clear and
transparent. There is too much small print in contracts now. "In any
contract, there is a chance a developer can add to it because
different developments have different rules and regulations but the
basic contract will stay the same," Mohammad Sultan Thani, assistant
director-general of the Land department, said.
Lawyers agree that the main points of the contract will remain the
same but there will be room for other clauses. "The standard contract
is for finished properties between the buyer and the seller, so the
secondary market. But you can't legislate everything, you need an
element of freedom in a contract.
"So it will have standard terms in line with market norms and then any
changes will go to a separate [section] to make it fair," Michael
Lunjevich, partner at Hadef and Partners, said. While having one basic
contract will certainly make life easier for buyers and developers, it
will also reduce the number of disputes in the market. Dubai's Real
Estate Regulatory Authority (Rera) and the land department are working
hard to make the property sector more water-tight but insist that
there must be a large onus on the buyer to read contracts in full.
During Dubai's boom times, many investors came swarming to Dubai just
to buy property and paid less attention to contracts than they would
in more mature markets. "Any contract should be very clear and we need
to make sure people read the contracts carefully," Thani told Gulf
News.
If you are looking to buy or rent in Dubai or United Arab Emirates
please email us We are also looking for owners who wish to sell Dubai
property, we have buyers waiting today please send us.
Thanks and Regards:
GHULAM MUSTAFA NAHRA
Islamabad
PAKISTAN: +923315113557
DUBAI: +971509039485
http://www.youtube.com/watch?v=hbCmc1vLhyw
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