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New property court for Dubai
09 Sep 2008
In news which may interest those considering foreign real estate investment, cases submitted to the Real Estate Regulatory Agency will be transferred to the new specialist facility, reports arabianbusiness.com.
The property court will have 500 cases passed to it next month and will initially have ten judges, although this could increase in the future, it has been revealed.
Chief judge Mohammed Yousuf A Sulaiman told the source the court will act as a mediator for parties in civil cases.
He said: "There will be no punishments under the property court since it operates under the civil code law, only compensation to be paid by the defaulter."
Meanwhile, investment in Dubai property has benefited from faltering UK and US real estate, Gulf News has today reported.
But, despite this Saudi Arabian bank Samba yesterday warned the area could see a "sharp correction" in property.
Source: Adfero
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