Dubai – Real estate legal services are becoming more popular among existing investors and prospective buyers in Dubai.
Dr. Ali Al Jarman, legal partner – Harbor Real Estate and founder of Prestige Advocates, says real estate-related enquiries have increased since the 2008 financial downturn. “Many of our clients have serious concerns over the security of their real estate investments,” he says.
Prospective buyers are also seeking out legal advice prior to making transaction. “This was not the case in previous years and also contributed greatly to the problems that clients are facing as proper due diligence was not conducted prior to the sale and purchase of property. Most enquiries are usually concerned with the real estate regulations and legislations such as the date of completion of a project, delay penalties, invalidity of the contract, cancellations and payment commitments.”
RERA (Dubai’s Real Estate and Regulatory Agency) has recently proposed a free legal advice service for buyers and sellers, an initiative that Dr. Ali applauds: “We believe that this innovative policy could also assist in boosting the confidence levels in the real estate industry,” he says.