Tuesday, May 19, 2009

Dubai RERA plans global expansion

The Dubai RERA (Real Estate Regulatory Authority) plans to expand internationally and serve as an international real estate reference point, with the abbreviated name Menares, officials announced here yesterday.

Menares is the abbreviation for Middle East and North Africa Real Estate Society, and has already been a part of several international property bodies.

The Director-Real Estate Development Department at RERA, Mahmoud Al Burai, said "We are almost in the final stages of establishing Menares. We aim to build a professional real estate market and are serious about being on the top, globally."

RERA is a member of the five organizations controlling the real estate issues across the world, including International Real Estate Federation (FIABCI), the Royal Institute of Chartered Surveyors (RICS), the World Association of Valuation Organization (Wavo), the Asian Public Real Estate Association (APREA) and the Urban Land Institute (ULI).

RERA and Al Burai plans were in-line with that of H.H. Shaikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai.

Although Menares will only serve as a 'reference body' rather than a regulatory one, Al Burai agreed that the authority will be "happy to assist" any country in the region with its own property regulation framework.

Al Burai agreed that all are focusing on Dubai, and using RERA as reference. Menares aims to encourage real estate education, real estate practices and professionalism.

The actual details of collaboration with other organizations are still being discussed.


Anonymous said...

It would be a good idea if, as a priority, RERA established a successful track record in Dubai before it considers expansion. The Dubai property market is still very fragile and there are a lot of unhappy investors out here so RERA, along with the Dubai government should make the restoraion of investor confidence an absolute priority and shouldn't try and run before they can walk!

marhabahomes said...

It seems a good idea. Dubai govt can do it. Good luck !