The number of property buyers intentionally defaulting on their purchases is likely to fall sharply this year, the head of Union Properties told The National's Bradley Hope. That's because the new Law Number 9 of 2009, which introduces a sliding scale to determine how much money a property buyer who defaults on payments will lose, will make those making payments to properties that are nearly finished think twice before pulling out.
A number of UAE property developers are considering investing in the construction of six million low-cost homes in Pakistan as part of a government-backed plan to ease the housing shortage in the country, report The National's Sarmad Khan and Angela Giuffrida.
And The National's Nathalie Gillet reports that a group of 30 property buyers who say they have paid many thousands of dirhams to developers for their projects that are either months behind schedule or not even started are pressing the Ajman Real Estate Regulatory Agency (ARRA) to take action to protect investments.
Emirates Business 24/7 reports that 145 property cases have been resolved by Dubai's Property Court since it was set up last September, while Arabian Business leads the same story with the fact that 520 cases have been registered in 2009.
Emirate Business also reports that Nakheel has announced a "prompt payment scheme" for five of its projects, allowing investors to save up to 30 per cent. Projects include Jumeirah Island Mansions, Jumeirah Heights Clusters, Badrah Phase 1 and Phase 2, Marina Residences phases 7, 8, and 9, and Veneto.
Morning round-up: Intentional defaults less likely after Law Number 9
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