What guarantee do I have that my development will be completed?

The emirate's RERA has introduced numerous measures that needs to be met by developers to make sure the off plan project is completed. Of those measure, the developer must own 100% of the land belonging to the project. Additionally, they must either deposit 20% in escrow account, make a down payment of 20% as bank guarantee, or at least 20% construction completion before selling the off plan property. The regulatory arm of Dubai Land Department than requests contractors to submit a 10% performance guarantee.
 

It’s crucial that buyers do through research and advise looking the developer’s track record as well as reputation. Make sure the developer, project and project’s Escrow account are all registered in the Dubai Land Department’s Real Estate Regulatory Arm (RERA).

 

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