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New law aims to curb 'flip' sales

Discussion in 'Dubai property' started by NwAli, Aug 26, 2008.

  1. NwAli

    NwAli New Member

    Dubai has issued a new law requiring home buyers to register their purchases before reselling them. The new law requires purchases of even uncompleted apartments and villas bought 'off plan' to be registered with the department first before they can be passed on to a new buyer. The move is seen as an attempt to prevent speculators from 'flipping' the ownership of an uncompleted home soon after making the purchase. The practice has fuelled rapid inflation in property prices


    What Now Reara Will Charge 2 % transfer And the developer will charge some amount ??? who will buy floor and keep it for an year before selling them ??
     
  2. shahrez_khan

    shahrez_khan New Member

    Thank u Man as I was looking for this information.

    It means every buyer will be treated as an end buyer and will get register with RERA.

    I have checked with my developer and they said that LD hasnt asked for any buyer detail so far so how and when they will start doing it , is still a mistrey.

    Transfer Fee i believe will be less as they were saying at one stage that transfer fee charged by developers is illegal.

    Now what charge these developers will come up with would be interesting.
     
  3. cheemz

    cheemz New Member

    To be implemented by Nov 1st 2008 says RERA.
    But lets be honest, do they have the capacity to run such a system within a months time??
    I highly doubt it...
     
  4. cheemz

    cheemz New Member

    Sorry, 2 months time!
     
  5. shahrez_khan

    shahrez_khan New Member

    where did you get this date from.

    Is there anyway this date can be varified ?

    did anyone else come accross this date as well.
     
  6. talk

    talk New Member





    I can't find any date stating when this law will start,but Arabain Business News states that developers have 60 days to register a sale with Land department,up untill the new law comes into force.So basically that means 60 days grace at the moment.
     
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