Protection from partners

Dubai-based property developer Cirrus Developments has partnered with Badr Al-Islami to deliver a trust management account with the aim of protecting property buyers.

The partners are also undertaking a campaign to raise awareness of the new Emirate of Dubai property law - Law No.8 of 2007 - which provides protection for investors buying ‘off-plan'.

Cirrus Developments is the first development company in Dubai to have established a trust account before going to the market with a single property offering.

The new law aims to protect purchasers in off-plan transactions by creating trust accounts where installation payments are managed.

"As a developer, we volunteered to be part of the trust management account six months before the law was actually passed," said Behnam Eshragh, chairman and CEO of Cirrus Developments.

"Our company strategy was to launch in the same time frame as the implementation of the new law. It is excellent news for property buyers in Dubai."

The new law and the activation of trust management accounts gives the Dubai Land Department additional methods to clamp down on unscrupulous developers.

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