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…

The Security Industry Regulatory Agency (SIRA) launched the “KLES” program, in partnership with Al-Mahkeel Security Services Company, a major partner in the Museum of the Future in Dubai, and in cooperation with the Department of Economy and Tourism in Dubai, with the aim of providing a safe and distinctive experience for users of holiday homes in the emirate, and as part of efforts to support the development of this vital sector. In addition to promoting digital adoption of sustainable services in Dubai. The easy-to-use smart application aims to manage the entry and exit process, and provides a number of additional features for all individuals who own residential units and companies specializing in holiday homes. It is equipped with Bluetooth technology; To allow users to…

The Discovery Gardens area topped the areas with the highest return on real estate investment in apartments, followed by the Dubai Investment Park area, then Liwan, Remraam, and Al Barari. According to a recent report by the Bayut real estate website, the Discovery Gardens area provides residential properties with floor areas starting from “studio” to three-bedroom apartments, while the average selling price of an apartment in the area is about 457 thousand dirhams, and it offers promising investment returns. Its percentage reaches 10.02%. There are also rental options available with an average rental value of about 43 thousand dirhams annually. This area is located in a distinctive strategic location in the heart of the Emirate of Dubai, within the Jebel Ali area, Sheikh…

The Department of Culture and Tourism in Abu Dhabi said that not every unit qualifies to become a permitted holiday home. The holiday home may be an apartment in a residential or mixed-use building, or an independent house or an independent villa, as unit registration applications are subject to the department’s review before allowing the activity to begin to ensure The specifications and conditions must be met, with the need for the units to be used according to their intended purpose.The activity of holiday homes can be practiced in units located in development projects, commercial hubs, or residential and investment lands, taking into account a set of conditions, including that it be an independent residential unit, and provide conditions of security, safety, environment, health,…

Accounting firm PwC on Monday rejected an anonymous letter that criticised the company's involvement in auditing beleaguered Chinese real estate giant Evergrande, saying the letter contained "false allegations". Heavily indebted Evergrande has become a symbol of the years-long crisis in China's property market and last month its onshore unit was accused of a $78 billion revenue overstatement. Chinese authorities are examining the role of PwC in auditing Evergrande, though no decision regarding penalties has been made, Bloomberg News reported last month. The firm said on Monday it was aware of a letter purportedly written by some PwC partners that was circulating on social media. "We believe the letter contains inaccurate statements and false allegations... (that) could tarnish PwC's…