Dubai mulls curbs on off-plan home sales
Dubai, January 8, 2014
Dubai is mulling new regulations to curb sale of properties off-plan as part of efforts to control real estate speculation, a Bloomberg report quoting the head of the emirate’s Land Department said.
Home prices jumped more than 30 percent last year and they are expected to rise 35 to 40 per cent this year, Sultan Bin Mejren said in the Bloomberg interview.
Terming the off-paln transactions "a little dangerous", he said the authority will complete a review of the transactions in the first quarter and may introduce new regulations in the second or third quarter.
He said the department also planned regulations to limit rent hikes when tenants change.