Off-plan property law introduced

Buying off-plan properties in Dubai is now considerably safer thanks to a new law recently introduced by the government. Under Law No 8 on Guarantee Accounts anybody buying an off-plan property will now make payments to escrow accounts managed by banks. Money will be released to developers in stages as construction work is completed. The law also requires property developers to leave 10 percent of the development’s value in the escrow accounts until one year after completion and all purchases have been registered in the names of the buyers and title deeds issued.