Cyprus encouraged to follow in Dubai’s footsteps

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Dubai is introducing a piece of legislation to protect investors purchasing property in order to boost overseas investment and as the Cypriot property market continues to suffer, experts believe they should be taking similar actions.

In order to protect property investors in the event their developers fail to provide promised facilities or have the project ready on time, Dubai is planning to introduce a new law.

Investors in property within Dubai will have the power to cancel their contracts of sale and gain a full refund with the new ‘Investor Protection Law’ if their developer does not meet certain obligations.

The law, which could be introduced as soon as the end of the month, will demand that all common facilities such as gyms and swimming pools must be ready for use when the keys are handed over to the property owner.

A report in the Overseas Property Professionals stated: *“The law has become necessary as increasing numbers of developers have failed to deliver projects on time, and haven’t included the facilities mentioned in the purchase agreements or marketing material.”

“Before the proposal of the new law buyers faced difficulty taking action, and could only hope the facilities would be completed in the near future. Its introduction means developers will be liable for fines if the projects are not delivered on time, or if they don’t meet the agreed specifications.”*

As investors have had comparable problems with the property market in Cyprus, many experts are calling for Cyprus to kick start a similar course of action.

Transferring money to Dubai

If you are looking to invest in Dubai, think carefully regarding how to send money abroad. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Dubai – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Cyprus encouraged to follow in Dubai’s footsteps

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