Ajman planning real estate regulator

The UAE emirate of Ajman plans to establish a body along the lines of Dubai's Real Estate Regulatory Agency (RERA) early next year to better regulate its property market, a senior government official has said.

Mohammed bin Ahmed bin Omeir, director of Ajman Municipality's planning and survey department, said the government would also begin enforcing the escrow account law issued in June at the start of next year and that the new regulatory body would oversee the law's implementation.

"The new real estate regulatory body will be similar to that of Dubai's RERA and will be established in the first quarter of next year," bin Omeir was quoted as saying by UAE daily Emirates Business on Sunday.

Bin Omeir said the escrow account law was currently being drafted.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Good news for Ajman property investor and Agents
Posted by Masha Estates Ltd, Cardiff, UK on Saturday 13 December 2008 at 20:05 UAE time

At least Ajman government realises the importance of securing investor money by doing this new law. I believe it's good for investors and real estate agents. Investors now trust to buy property in Ajman.

Tad bit too late
Posted by Mpower, Dubai on Monday 8 December 2008 at 16:05 UAE time


After the volcano erupts its a tad bit late to inform the villagers in the surrounding that we are putting up a volcano planning and surveying department; regulations should have come in place long back.

Ajman planning property regulatory authority early next year
Posted by Mohammad Khan, Abu Dhabi, UAE on Sunday 7 December 2008 at 20:54 UAE time

This is good news. Every buyer is looking forward for such a law to insure the safety of his investment in Ajman property market which is badly affected, not so much by financial crunch, but more by deceitful practices of the brokers and the developers. Effective checks are required to regain the confidence of the buyers.

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM