Saturday, March 28, 2009

Property Regulatory Authority for Middle East underway

According to senior officials at the Dubai Land Department, plans are underway for establishment of a Middle East Real Estate Society (Meres).

The real estate community groups, which include developers, brokers, investors and valuers, are likely to join together with their GCC counterparts to from a region-wide entity.

A real estate regulatory authority, which spreads across the whole region, will surely bear a positive impact on the economic conditions of the region, and in the wider Arab world. This move is aimed at establishing an Arabian Real Estate Society, as soon as possible, said the statement from the Dubai Land Department.

The Federal National Council revealed plans for UAE Real Estate Regulatory Authority. The officials at the Dubai Land Department and Dubai's RERA supported the plan, stating that such plans were positive, as the establishment of a federal regulating body, would promote consolidation among all seven emirates.

The Chief Executive of RERA, Marwan bin Ghalita, said that a federal body would help real estate professionals immensely, as developers are then free to work in any of the emirates, and they need to deal with just one authority.

At present, however, there is no federal body to monitor the property sector in the UAE. Individual emirates such as Dubai and Sharjah have established their own regulators, while Ajman recently announced the establishment of its own authority.

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