Bullet-Point Property: Dubai No. 67

New legislation for non-government backed developers in Dubai has been proposed by the Real Estate regulatory bodies and its designed to protect investors further.

It's possible that developers will only be able to launch sales on off-plan projects once construction reaches the 50 percent mark . This is intended to reduce the risk of market oversupply and could result in consolidation among smaller private developers.

Presently the law states that the developer must complete 20 percent of the project or they must provide proof of 20 percent of construction funds in addition to a 10 percent performance bond by the contractor.

This proposal is likely to slow down the pace of off-plan launches in the short term. It will also reduce the current risk of a few developers flooding the market with sometimes lower quality properties at discounted prices and attractive payment plans.

Property discussions this week have been as follows: -

Emaar has opened their new show homes at Emaar South located near to the EXPO 2020 site and has also announced their three and four-bedroom Saffron Townhouses which will be launched on Sunday morning. The payment plan will be 50% during construction, 10% on completion and 40% over two years once you have your keys. We do not have prices, but I expect they will be some of the lowest on offer for quality townhouses in all of Dubai. Contact me for more information on Emaar South

I believe that Town Square will be one of the most sought-after neighbourhoods in the city by young professional singles and families within a few years. Rawda located directly on the main square and park and next door to the Vida Hotel is considered to be the premium building. This week the second phase has been launched with one beds starting at AED 683k (£133k), two beds at AED 928k (£180k) and three beds at AED 1.56m (£299k). The payment plan will be 50% during construction, 10% on completion and 40% over two years once you have your keys which works well for overseas investors needing a mortgage to complete their purchase.

Elsewhere in Town Square we can find apartments in Hayat Boulevard and in UNA starting from AED 440k (£85k).

Marasi Riverside located directly on the canal, adjacent to a public park at the centre of Business Bay, is the newest residential tower offering prime views over the canal and to the Burj Khalifa. One, two and three bedrooms over 40 floors with prices expected to start at AED 1m and all on a 60/40 payment plan for completion in 2021. Official launch will be 1 March but now is the time to declare your interest

Just a few of our current listings