Developers need to complete 20% of project before sale: DLD

By Angel Chan

DUBAI 4 March 2018: Dubai Land Department (DLD) has confirmed that monitoring the sales or marketing activities of Dubai’s real estate projects is subject to specific laws under the control of the Real Estate Regulatory Agency at DLD.

All developers must commit to the completion of 20 per cent of the project or deposit the specified percentage in the Real Estate Escrow Account, which amounts to 20 per cent of the total value of the projects they intend to launch in the near future.

These procedures are designed to guarantee the rights of investors. DLD regulates the sale, purchase and marketing process to ensure the rights of all parties involved and spread the rules and regulations of the Dubai real estate market among investors in Dubai.