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Legal experts call for regulation of Dubai off-plan property sales
- United Arab Emirates: Sunday, December 16 - 2012 at 01:29
UAE-based law firm Hadef & Partners has said Dubai should consider regulating off-plan property sales if the emirate wants to avoid another boom/bust cycle that may cause more harm than good to the sector, Emirates 24-7 has reported. "Buying off-plan property is still a risky business. Many investors cannot wait to get back to the good old days of 2002 to 2008 and another upward cycle," the law firm said. "However, if the past has taught us anything, it is that price rises on the back of multiple trades of paper (i.e. off-plan secondary market sales) can lead to a cliff edge if the projects are not delivered," Hadef & Partners said in its 2012 report on the legal state of the Dubai real estate market.
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