The new law will allow anyone who has made an investment in property in the emirate to receive a full refund if a property developer fails to deliver an off-plan property on time. Other occasions in which investors can request to be compensated include breach of warranty and fraud.
The plans for the new law came to light in June when a draft was published. This early version of the law has undergone amendments after a consultation process. Majida Ali Rashid, director of planning and organisational development at DLD, explained that the public and interested parties, which were included in the talks, brought several suggestions to the table.
Boost to investor interest
The final version, which is now being drawn up, will ensure that interested parties are less exposed to risk when it comes to investment in property in Dubai. With the new law, investors receive extra protection in situations where they have suffered from a developers inability to keep the terms of the agreement. This will most probably give a boost to Dubais property market, aiding the recovery which has recently been seen after the market crashed in
2008 following the global economic crises.
Dubai is a country which has attracted serious global interest for investment in property. Over the last decade the country has launched some of the most ambitious infrastructural and development projects in the world such as Dubai Marina, Jumeirah Lakes Towers, Palm Jumeirah and The World Islands. These and other projects have had property investors salivating. According to the emirates Real Estate Regulatory Agency (RERA), Dubai is currently home to 3,094 registered real estate brokers. Nearly 50 percent of this number comes from UAE (620), with Indians (438) and Pakistanis (428) also well represented. Britain comes fourth with 304 brokers.
And with the new protection measures Dubai will become even more attractive destination for property investors across the world, creating a safe and fertile ground for whatever spectacular project developers in the emirate dream up next.
Money is the most important factor in everyone’s life. Everyone needs money for his or her daily requirements. Have you ever noticed the fact that why rich gets richer and the poor remains poorer. There is very important fact hidden behind this thing. Rich understand each and every point and they invest money in the right channel, but poor people have the money that they could only spend on paying the bills. Many people try to use the law of attraction in their field and most of them fail. Some people know the art of attracting the money. Law of attracting money is very simple but you need to be very dedicated towards it. The rich are able to find the ways to use their capital to make more money. Poor people see the ways of earning money as a burden. They spend all the money in paying the bills or in other household activity. The basic rules of the can be understood through the basic steps.
If you are not thinking about the ways to make money then you are going to remain poor for most of your life. You should be able to think quick and properly channelize your plans. Take some time out of your work every week and invest time in doing some part time work. Invest some time doing stuff like internet marketing, investing in stocks, etc. Then you would see every month, your money would be growing. Side by side with money, your knowledge and experience would also grow. Your money has to come from someone, somewhere. If you are positive about your goals then the universe would unite with you to achieve your goals.
Actions speak louder than the words and you must work in accordance with your desires to achieve the required goals. You frequently use the credit card to make the purchase. Using the plastic has become very important in today’s time. But, the amount that you use from your credit card is not deducted directly from your credit card account in real time. I know many people who are carrying the credit card debts in today’s time. To keep away from these kind of debts use the debit card as much as possible. Many people have the pay later mentality which directly means owing the money. Rich people often visualize having so much money in their wallet or in bank accounts. In this way they attract money in their life. Rich people make it a ritual to meditate and think about the electro- magnetism power of the universe.
Author Bio- Self development coach and motivational author. He sometimes also performs the duty of an occasional speaker.