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Abu Dhabi's leading real estate developer, ALDAR Properties, is the latest developer to curb the practice of 'flipping' by imposing restrictions on the resale of its properties. Aldar Properties CEO Ronald Barrott said that the firm will apply new rules on resales in its next phase of its properties coming online in October and November.
Aldar Properties CEO Ronald Barrott said: "A degree of speculation can be good, but it needs to be tempered... You can't let the market get out of control, otherwise you have what is going on in Dubai. That is not a criticism, but there is overheating there. What you want is a market that moves quickly, but is sustainable."
Barrott said these rules governing resale of its properties will become standard for all future real estate projects in the UAE. The announcement follows a similar move by Dubai-owned developer Nakheel, which announced it's intention of taking action to stop speculation on its Trump International Hotel & Tower.
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