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Real Estate Investment in Dubai
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Dubai Escrow Law Change Protects Real Estate Investors Dubai - one of the seven emirates that constitute the United Arab Emirates, is one of the hottest real estate markets in the world right now. Lawmakers in Dubai have proven their willingness to help this trend continue with a recent change to Dubai escrow law.
Recognizing that the Dubai real estate is one of the more profitable regions for their investment, many real estate developers have wanted to get their money working for them in the Dubai area. In addition to these brave investors, there have been many fence-sitters who felt that Dubai escrow law didn't offer enough protection to a prospective investor. This obstacle has been addressed and demolished by Dubai lawmakers.
The major area of additional protection is in 'off-plan' investments. Off-plan is the traditional means of securing financing in major tourist areas. What it means is basically a pre-sale of units that are either in the planning stage or the construction stage. Many large lenders require developers of such things as condominiums to prove that there will be demand for their development by selling a certain percentage of the units before, and at various stages during construction. The release of further funds to continue with the development process would be contingent on these pre-sales.
Before the change in Dubai escrow law, real estate investors were required to monitor the land developer on their own to ensure that their money was being used in the actual development of the property - a problem for those investors far from Dubai.
Recognizing the need, lawmakers made a change to Dubai escrow law that created a body called the Real Estate Regulatory Authority (RERA) to monitor and enforce Dubai escrow law. Before creation of the RERA, investors transferred their money directly to the land developer, relying on the good faith of said developer for a return on their investment. Now, all payments on off-plan projects will be placed in a trust at a Dubai Land Department approved institution. This additional layer of protection provided by Dubai escrow law has resulted in a surge of new investment capital.
Smart real estate investors around the world are flocking to Dubai real estate confident that their money is well defended by Dubai escrow law.