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New law aims to curb 'flip' sales
- United Arab Emirates: Tuesday, August 26 - 2008 at 10:48
Dubai has issued a new law requiring home buyers to register their purchases before reselling them. The new law requires purchases of even uncompleted apartments and villas bought 'off plan' to be registered with the department first before they can be passed on to a new buyer. The move is seen as an attempt to prevent speculators from 'flipping' the ownership of an uncompleted home soon after making the purchase. The practice has fuelled rapid inflation in property prices.
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Jeff Florian, Senior ReporterTuesday, August 26 - 2008 at 10:48 UAE local time (GMT+4)
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