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The real estate sector in Dubai, currently ranked as the most transparent market in the Middle East North Africa (MENA) region, is in for a further boost, with the enforcement of an impending law, aimed at protecting investors, said a global financial and professional services company, specializing in real estate.
The new law permits investors to cancel their contracts and get back their money, if the developers violate the terms and conditions. This is likely to boost investor confidence, says Jones Lang LaSalle (JLL) in its review on the real estate market in Dubai. This will further, pressurize the developers to complete their projects.
As per the new law, there will be increased transparency in the market, and with better regulation of real estate market, investors can cancel their contract if the real estate handover is delayed for more than a year. In fact, the new law permits investors to have the option to demand compensation in the event of defects in the property when it is delivered.