It is not a secret that Dubai consistently pleases its investors with the best deals and “comfortable” legislation in the property sector. Pursuant to Emirates 24/7, the Dubai Court of Cassation found that the investor would be able to return his/her money invested in the off-plan property in case of termination of the sales and purchase contract before the date of putting the object into operation under certain conditions. Moreover, the funds earlier paid are to be refunded in full.
It means that if a buyer for any reason ceases to pay a fee specified in the agreement, and the developer sells the residential facility out without the court order, the investor has the right to file a claim to the court to return the previously invested money. Thus, the developer retains payments of all investors at a special account to be able to get them back in the cases provided by the emirate’s legislation.
It is also worth noting that not so long ago the Real Estate Regulatory Authority of Dubai (RERA) has made a statement saying that under no circumstances the cost of the off-plan property should be enhanced, even if the developer had a bit increased the area of the residential facility in terms of construction.