Dubai is considering enacting a law to protect the rights of real estate investors in the Emirate.
The city-state’s Real Estate Regulatory Agency (RERA) and the land department are working on new guidelines, which upon the government’s approval, will be implemented early next year, Gulf news quoted Sultan Bin Mejren, Director-General of Dubai Land Department, as saying.
“Our ultimate goal is ensure justice and set up proper rules and regulations to regulate the relationship between developers and investors,” Mr. Bin Mejren said.
He said the land department is studying the draft law aimed at protecting “the rights of real estate investors“.
The Emirate’s real estate market has bottomed out and the new law is expected to boost the morale of property investors.
Media reports suggest that Dubai’s property market would start recovering in 2010.