Yet another law has been introduced in Dubai to protect the developers against defaults by small investors. Law Number 9 of 2009, announced recently by the Dubai Land Department and Real Estate Regulatory Agency (RERA), introduced a sliding scale to determine how much money a property buyer who defaults on payments will end up losing.
The Gulf property market still has attractive opportunities for investors seeking to escape a global fall in property investment transactions according to a leading real estate consultancy
Robin Williamson, managing director of DTZ’s Middle East operations, said although the worst of the first phase of the sub-prime crisis appears to have passed, the credit crunch has further to go and will continue well into 2009, particularly across the European and US property markets.
More on Dubai is Still an Attractive Investment Market and News of Another Super-Tower in Dubai
