The Cooling-off period is an important instrument of consumer protection in the Dubai property market. It was introduced to give buyers the opportunity to carefully reconsider their purchase decision and revise it if necessary.
During this period, you as the buyer have the following rights and options:
- Complete cancellation of the purchase contract without giving reasons
- Refund of the deposit paid less a small processing fee
- Review of all relevant documents by a legal expert
- Carrying out additional due diligence checks
Particularly relevant is the Cooling-off period in the context of the dynamic property market in Dubai, where international buyers are often active. The regulation offers important protection against hasty decisions, which can have far-reaching consequences, particularly in the case of major investments.
Important to noteThe period begins on the day the contract is signed and only includes working days. Weekends and public holidays in the UAE are not included. After expiry of the cooling-off period, the purchase contract becomes fully binding.
Although this regulation means a certain degree of planning uncertainty for sellers, it contributes to the professionalisation of the market and reduces the risk of subsequent legal disputes. Property developer and property providers in Dubai have adapted their sales processes accordingly and include the cooling-off period in their contracts as standard.
It is advisable to make optimum use of the cooling-off period:
- Have all documents checked by a qualified legal advisor
- Finalising the financing
- Obtain technical expertises or assessments
- Clarify all open questions with the seller
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