Dubai's real estate market continues to defy expectations, with the off plan sector experiencing a remarkable boom. Fueled by a burgeoning population and a flourishing tourism industry, demand for homes in Dubai is outpacing supply. Despite exceeding 60,000 unit completions in 2023, demand continues to outstrip supply, further cementing its status as one of the world's fastest-growing cities. This trend has propelled the off-plan market, a sector where properties are still under construction, to new heights.   Dubai has been a notable bright spot, benefiting from a flourishing tourism sector, with over 17 million visitors in 2023. This increased home demand and witnessed a sales value of Dh160.46 billion, a 72.3 per cent growth compared to the Dh93 billion sales values seen in…

Question: I am considering buying an off-plan property in Dubai on a payment plan proposed by the developer. Since I am not taking out a bank loan, what happens if I default on the payments to the developer?   Answer: Pursuant to your queries, the provisions of Law No. 13 of 2008 Regulating the Interim Real Property Register in the Emirate of Dubai and Law No.19 of 2017 Amending Law No. 13 of 2008 Regulating the Interim Real Property Register in the Emirate of Dubai are applicable.       In Dubai, an off-plan property sold by a developer (seller) needs to be registered in the Interim Real Property Register with the Dubai Land Department (DLD). This is in accordance with Article 3(1) of the Dubai Law No. 13 of 2008 on the Interim Property Register.   Stay…