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Dubai Property Now Safer to Buy

Dubai has increased regulation around financing purchases of off plan property in the region. This has resulted in three of Dubai leading banks launching escrow accounts. The new regulation centres on amendments in Dubai's property law which aims to increase transparency levels within the emirate's real estate sector.

ArabianBusiness.com report that HSBC, Dubai Islamic Bank (DIB) and Badr Al-Islami, the Islamic banking division of Mashreq, opened the trust accounts as a result of Law No.8 which now asserts mandatory use of the account when buying an off-plan property in Dubai.

Mubashar Khokhar, CEO of Badr Al-Islami, said that the account would not only be "stringent" but would also make buying off-plan "more transparent".

"The real estate and construction sector today represents 22% of the non-oil GDP of the UAE. In my opinion this law will be a big catalyst to the industry and will carry on the momentum of growth for the next few years," he said. "Escrow will make buying off-plan more transparent. From a developer's point of view all of the accounts will be monitored, while buyers will have the knowledge that their money will not be diverted for any other purpose."

Meanwhile some earlier off plan properties are coming to completion, Diamond Investments, a sister company of Diamond Developers, has announced finishing the handover process of Marina Diamond III, the third in the series of six buildings in the Dubai Marina. Commenting on the event, Fares Saeed, CEO of Diamond Investments said: “It is a pleasure to see our third building in the Marina full of the new owners and tenants. We are pleased to provide our customers with a different lifestyle full of relaxation in the Marina, where they can enjoy all the facilities available in this project. We expect to deliver Marina Diamond IV, V and VI later this year – which increases, along with the handover of Marina Diamond III, the total supply of residential units in Dubai by 1300 homes the handover of Marina Diamond III plays a role in alleviating the supply crunch in Dubai’s real estate market”

Nicholas Marr CEO of Homesgofast.com “We believe that Dubai is about to see a new wave of investor wishing to buy property in Dubai. We have seen property investors for the first time from France interested in Dubai Real Estate. Our staff in Dubai speak French , Arabic and English.The new regulation is another reason why the previously hesitant investor will now step forward and buy property in Dubai

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