What Happens When You Default on a Property in Dubai? 🏠

Did you know that if you're unable to keep up with payments on your property in Dubai, there’s a system in place to protect you? 🛡️ Here’s how it works:

If you default, the developer must notify DLD and RERA before taking any action. RERA will then issue an official notice, giving you 30 days to make a partial payment to avoid losing the unit. ⏳

But what happens if the project is already 80% complete? The developer has two options:

Auction the Unit: They sell the property at auction, retain what you’ve paid, and refund the remaining amount (minus auction fees).
Refund and Retain: They keep 40% of what you've paid based on the purchase value and return the rest while canceling the contract.

It’s a system designed to balance both the buyer’s and developer’s interests.

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