Dubai property developers have been tracking buyers’ payments from the off plan projects sold in the booming time. As a consequence, some buyers are reluctant to pay, following the Dubai property burst. In the current situation, with buyers’ tight cash flow, property developers are concentrating their efforts within the accounting department. Dubai real estate developers and buyers have entered a legal battle to defend their rights in front of the Dubai Real Estate Regulatory Agency (RERA).
Many disappointed buyers in Dubai are finding themselves in a difficult situation: the developers are not willing to disclose the percentage of the defaulter that will permit property buyers to estimate the feasibility of the project. Without this info, buyers are uncertain and restrained to obtain the sufficient funds for the projects.
Following several scandals, Dubai real estate buyers prefer to consolidate their loss by not complying with their contractual duties. They are indeed willing to lose their deposit, as the property market scenario is not improving. We can say that confidence must be revamped in an attempt to move forward while property developers and investors should accept the present global circumstances.
In order to change this situation where both parties feel stuck, Dubai real estate developers should put in place all necessary procedures to regain buyers’ trust. Developers should accept to review the prices and installment payments accordingly. Most buyers are claiming their money back while developers are refusing to change the price and the installment payments scheduled. This mood for confrontation should change. The legal battle will only push the projects away, bringing further delays, and neither the buyers nor developers will be the winners. The answer to all these problems is evident, Dubai needs the implementation of the new property law. Real Estate Dubai