Dubai, UAE

The Week Middle East - - News | Middle East At A Glance News -

Real es­tate amend­ment: Dubai prop­erty de­vel­op­ers will now need a pro­ject to reach 50% com­ple­tion be­fore they can be­gin off-plan sales. This is an amend­ment from the pre­vi­ous 20% thresh­old af­ter a surge in off-plan sales last year. De­vel­op­ers will also need to pay off all the costs re­lated to the land as be­fore. CBRE said in a re­port that off-plan sales ac­counted for more than 65% of to­tal trans­ac­tions in 2017, in­creas­ing 54% by num­ber and 44% in to­tal value on 2016. Some larger de­vel­op­ers had ex­pressed con­cerns that the at­trac­tive pay­ment plans on of­fer for some projects were lead­ing to a rise in spec­u­la­tive buy­ing. The terms of these plans in some cases in­cluded pay­ing only 30% of the value of a prop­erty in ini­tial in­stal­ments and then up to 70% on han­dover or the years af­ter com­ple­tion.

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