In Dubai, the government has enacted laws and guidelines to safeguard the interests of off-plan buyers. The Dubai Land Department (DLD) oversees real estate transactions and enforces specific regulations about off-plan properties.
Key legal protections comprise:
RERA Registration: Projects must undergo registration with the Real Estate Regulatory Agency (RERA), guaranteeing transparency and adherence to regulations.
Escrow Accounts: Developers must place buyers' payments into escrow accounts, ensuring funds are allocated solely for the designated project's construction.
Sales Purchase Agreement (SPA): Contracts must meticulously delineate details such as payment schedules, penalties for delays, project specifications, and completion timelines.
These measures provide assurance and security for off-plan buyers, ensuring a transparent and regulated property investment environment in Dubai.