Dubai’s real estate regulator slaps company with Dh50,000 fine for breaching escrow rules – The National

dubai real-estate escrow regulator slaps
UAE
  • Date: 10-May-2020
  • Source: The National
  • Sector: Real Estate
  • Country: UAE
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Dubai’s real estate regulator slaps company with Dh50,000 fine for breaching escrow rules – The National

Dubai's real estate regulator slaps company with Dh50,000 fine for breaching escrow rules. Rera also urged real estate companies to abide by laws that regulate the sector's advertising and marketing practices. Dubai's Real Estate Regulatory Agency slapped a Dh50,000 fine on a property company found in breach of laws related to escrow accounts and the advertisement of homes for sale.. The regulator on Saturday called on real estate companies to abide by regulations that oversee advertising and marketing practices.. Rera specifically referenced Law No (8) of 2007 on the Matter of Escrow Accounts for Real Estate Development.. The law was issued to regulate developers and safeguard buyers' money with regards to off-plan property purchases in Dubai.. Dubai has passed a number of property-related laws over the past few years to protect purchasers and developers, as well as encourage development and investment within the emirate.. Dubai recorded 1,824 property sales transactions worth more than Dh3.62 billion in April amid stay-home measures to contain the spread of Covid-19, according to Property Finder.. The property market could bounce back strongly in 2021 on the back of increased economic activity related to Expo 2020 Dubai, according to Hussain Sajwani, the

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