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Tue 11 Oct 2016 12:00 PM

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Dubai should regulate off-plan sales, says Khalaf Al Habtoor

Al Habtoor Group chairman said projects should be at least 30% complete before sales start

Dubai should regulate off-plan sales, says Khalaf Al Habtoor

Al Habtoor Group chairman Khalaf Al Habtoor has called authorities to allow off-plan unit sales only once projects have achieved 30 to 40 percent construction milestones.

"You should not take people’s money," he told The National. "You should sell when the building is more than 30 or 40 percent completed. I would recommend to stop [off-plan sales] completely."

"If I want to buy something, I want to buy something I can see, that I can touch. I don’t want to see something on a plan. Imagine you are paying money now and receiving it in 10 years. This is not right."

A report by JLL, a global consultancy, said that completion of 5,400 residential units during the third quarter 2016 was the highest since the fourth quarter of 2012, when about 6,200 units came to the market.

Nearly 11,000 units are due to enter the market in the fourth quarter 2016 but not all are likely to be delivered as scheduled, it said.

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Veronica Chapman 3 years ago

Absolutely true, well spoken.......