Dubai protects overseas buyers with new law

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Overseas property buyers planning to invest in the emirate state of Dubai will be protected by a new law under current proposals.

The Dubai Land Department is intending to introduce an act to protect overseas buyers, with the aim of creating a better relationship between the developer and the investor. This will be achieved by the investor’s interests being safeguarded at all stages of the buying and building process.

One of the ideas proposed will not allow developers to sell property until 20% of the project has been completed.

Many investors have been left out of pocket recently as Dubai, like many other countries, has been hit by a global recession which has resulted in many building projects being stalled.

Estimates show that there are over 600 major building projects in the state which have yet to be completed.

With various schemes initiated by the Dubai Land Department it is likely projects will start moving again; especially as there are plans to help developers continue their planned builds.

Sultan Bin Mejren, the Director General of the Dubai Land Department, said: "The real estate investor protection law in Dubai will be the first law of its kind in the country dedicated to the protection of the rights of a certain category of investors."

The new law, which is part of the Strategic Plan of the Government in Dubai, is set to come into effect in June.

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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