Dubai property developers have been tracking payments from buyers of off-plan projects sold in the boom days. As a consequence, some buyers are reluctant to pay, following the Dubai property bust. In the current situation, with the tight cash flow of buyers, property developers are concentrating their efforts on the accounting department. Dubai real estate developers and buyers have entered a legal battle to defend their rights against the Dubai Real Estate Regulatory Agency (RERA).

Many disappointed buyers in Dubai find themselves in a difficult situation: developers are unwilling to disclose the default rate that will allow property buyers to estimate the feasibility of the project. Without this information, buyers are insecure and restricted in obtaining sufficient funds for projects.

After several scandals, Dubai property buyers prefer to consolidate their loss by failing to meet their contractual obligations. In fact, they are willing to lose their deposit, as the real estate market scenario does not improve. We can say that confidence must be renewed in an attempt to move forward, while property developers and investors must accept the current global circumstances.

To change this situation where both parties feel trapped, Dubai property developers should put in place all the necessary procedures to win back the trust of the buyers. Developers must agree to revise pricing and installment payments accordingly. Most buyers demand their money back, while developers refuse to change the price and scheduled installment payments. This confrontational mood should change. The legal battle will only drive projects away, bringing further delays, and neither the buyers nor the developers will be the winners. The answer to all these problems is obvious, Dubai needs the implementation of the new property law.