Dubai property developers are pushing back on recent reports suggesting a lack of transparency in the emirate’s real estate market. They have assured potential investors that “very stringent” protocols are followed to prevent illegal funds from entering their projects.
These assurances come in the wake of a report alleging Dubai’s real estate sector serves as a haven for illicit money. Developers have countered this claim, stating their adherence to rigorous anti-money laundering and combating financing of terrorism (AML/CFT) regulations.
“Due diligence is not just a legal requirement, but also essential for our own safety,” said Imran Farooq, CEO of Samana Developers. These checks ensure buyers have the means to invest legitimately, protecting both the developer and the wider market.
The UAE has implemented strict AML/CFT regulations in recent years. These include mandatory reporting of cash transactions exceeding Dh55,000 to the authorities. Developers themselves conduct thorough checks on potential buyers to comply with these regulations and safeguard their investments.
This focus on transparency comes amidst a booming property market in Dubai. With home prices and rents surging over 20% in March 2024, developers are keen to maintain investor confidence in the emirate’s real estate sector.
