The market for real estate in the Middle East is thriving. Owing to a flexible taxation system and greater construction standards, many people are looking to buy a chunk of freehold property in this region. The real estate boom in the Middle East has further been intensified by the active involvement of the government in the drafting of detailed lease rules, development codes, and property laws.
When it comes to the ultramodern Emirate of Dubai, the real estate prospects get even brighter. As per data collected by Statista, the prime yield of Dubai’s property markets was 5.5% in 2017 and it is expected to rise to a whopping 10% by 2025! In such a fast-changing environment, remaining extra cautious while dealing with property issues becomes extremely important – especially after the building completion certificate has been signed.
This is precisely the point where factors like the defect liability period and warranty period come into play. It becomes highly crucial to identify the exact benefits which both of these periods can offer during your overall property development.
Benefits Offered by A Defect Liability Period:
In Dubai’s flourishing real estate market, defect liability and warranty enables you to:
- Rectify building defects without incurring any extra expenditure.
- Ensure that all installations are well-fitted and are in a working capacity.
- Determine that local laws, best practices, and regulations are being followed.
- Ascertain quality while saving cost on avoidable arbitration or litigation.
- Scrutinise developmental flaws and conduct independent audits.
- Inspect specialist equipment so that their on-site operation is smooth.
- Acquire about 10%-15% extra material stock for a period of 5-8 years.
Why Majlis Property Services?
If you are looking to purchase property in Dubai, hiring a third-party home inspection service might prove to be a good idea in the longer run. This is exactly what you can avail by seeking assistance from Majlis property services.
Majlis Property Services offers independent property inspections, one last time before your defect liability period expires. With the help of our experienced and dedicated team, we conduct a comprehensive building analysis and prepare a thorough property inspection report. This report would not just be your personal stamp of quality assurance, but it would also provide you with detailed knowledge about any future ownership risks.
To sum it up, a defect liability period is legally the only time when you can lay claim to defects and damages and have them rectified at no extra cost. Once this period expires, the retention money has to be released, after which the responsibility for maintenance and repair would be entirely your own. So, before you jump into Dubai’s real estate market, make sure that you are adequately informed and properly equipped to deal with these basic property issues.
