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Dubai tightens rules for property buyers
- United Arab Emirates: Thursday, November 13 - 2008 at 08:28
Dubai property buyers who breach contracts or default on payments will have to forfeit 30% of the sale price to the developer under new rules announced by the Dubai Land Department on Wednesday. The developer may also delay any payment until the property is resold to another buyer. Developers can also keep 30% of any payment made in excess of the initial 30% instalment. The new rules, effective immediately, apply only to new contracts.
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Jeff Florian, Senior ReporterThursday, November 13 - 2008 at 08:28 UAE local time (GMT+4)
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