buying property in dubai
Ebony Ivory Investors Group, 500 international property buyers and investors, have signed a petition requesting Dubai’s Real Estate Regulatory Authority (RERA) and the Dubai Ruler’s Court to investigate the Jumeirah Lakes Towers Ebony Ivory Towers project, involving Al Fajer Properties and its marketing agent Dynasty Zarooni
More on Property Investors in Dubai Scammed Seek RERA Intervention
Small investors in Dubai are forming groups, in an efforts to get their voice heard by the developers. Most developers are simply ignoring contact from individual investors and vigorously pursuing payments on off-plan developments that are now worth a fraction of their original sales prices. The new interpretation of existing laws by RERA in November 2008 no longer protect them if they default on payments.
More on Dubai Property Developers Pressured by Small Investors
Dubai’s lack of transparency is causing potential investors to pull out of the market in droves. Foreign investors withdrew as much as $57 billion from UAE banks in October. The plan of producing press release after press release claiming unreasonable strength in the Dubai property market is backfiring dramatically. When faced with conflicting reports about the state of the market and no true figures, many are chosing to ignore Dubai as an investment completely.
More on Buying Property in Dubai – Confusion and lack of Transparency an Issue
The volume of property sales in Dubai is poised to rise as more global investors enter the Gulf markets, said Blair Hagkull, MD of Jones Lang LaSalle, a real estate investment and advisory firm. Dubai is projected to record a 55.2% increase in property deals to hit $195 billion in 2008.
More on Investing in Property in Dubai – No shortage of new developments
According to Standard Chartered Bank, real estate speculators need to be rooted out of Dubai’s housing market, and introducing a fifty per cent capital gains tax on properties bought and sold within a period of twelve months could be the best way to discourage short-term flippers
More on Dubai property investing – goodbye to the speculators?
Security and Trust are the greatest concern for more than half of respondents
The results of a recent survey on the Dubai real estate sector have highlighted the main areas of concern for those buying property in Dubai as; security & trust and construction delays.
