The Real Estate Regulatory Authority (Rera) of Dubai is redoubling its efforts to streamline the Dubai real estate investment sector. Predictions and Barack Obama’s winning strategies aside, 2009 seems like a good year for change in the U.A.E. real estate segment.
Rental rates for instance, are required to be fair to renters as well as proprietors and Rera is doing all it can to establish this balance of prices. The chief of the Rera even went as far as stating that rent caps are unnecessary for this year.
On the Dubai property investment front, Rera enforced an order that prohibits developers and banks from accepting more than 20 percent of the payment from parties who want to buy property in Dubai earlier in the month. This has come as a welcome step for many interested in buying properties in Abu Dhabi as well as Dubai.
While a Property Court and Real Estate Development Trust Account Department has already been up and running, Rera plans to introduce a property agents committee, developers committee and an evaluators committee.
The body is leaving no stone unturned where construction and property investment in Dubai is involved. A website for registration of tenancy contracts too has been set up, to ensure proper monitoring of the various property deals. In light of all these reforms, a real estate tribunal for the city-state does not seem far behind.
Get in touch with established consultants for buying properties in Dubai as they can help you out with the legalese known to accompany property deals. The professional help can aid you greatly as you wait for the reforms to take shape.
Image Credit: bloomsberries
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