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Discuss this article (9 Comments)RERA to act as global reference for MENA
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 18 May 2009
REGIONAL VOICE: Dubai's RERA has already linked up with five international property bodies to act as the voice of the MENA region. (Getty Images)
Dubai’s property regulator the Real Estate Regulatory Authority (RERA) is to act as an international reference point for the region’s real estate sector, one of its senior officials has revealed.
The agency, which is already working at an international level, will be "happy to assist" any other country in the region with their own real estate regulatory frameworks, said Mahmoud Al Burai, director of the real estate development department at RERA.
Its new global entity goes under the name of Menares – which stands for the Middle East and North Africa Real Estate Society – and is involved in five international property bodies.
"We are in the final stages of establishing Menares. We are aiming to build a professional real estate market and are serious about being first, globally," Al Burai said in an interview with UAE daily Gulf news published on Monday.
“Everyone is looking at Dubai. Everyone is looking at RERA as the reference," he added.
However, RERA has faced recent criticism for failing to keep up with Dubai's real estate sector, which has seen a steep and swift slowdown in the past six months as a result of the global crisis.
It is now haivng to deal with a growing number of disputes between off-plan buyers and developers as up to 50 percent of projects are put on hold.
The five organisations RERA belongs to include; the International Real Estate Federation (FIABCI), the World Association of Valuation Organisation (Wavo), the Royal Institute of Chartered Surveyors (RICS), the Asian Public Real Estate Association (Aprea) and the Urban Land Institute (Uli).
The move was part of Sheikh Mohammed, Vice President of the UAE and Ruler of Dubai's vision to become a leading, global Arab city, Al Burai explained, adding that another of Menares’ aims was to encourage real estate education, professionalism and high quality real estate practices.
The exact details of the collaboration with the other organisations are still being discussed.
READERS' COMMENTS
Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.
great idea
Posted by duckman, dubai, UAE on Wednesday 20 May 2009 at 23:04 UAE time
to create total chaos at a larger scale.
What a joke, unfortunately not funny.
I wonder whether anyone of the authorities read any of the comments posted here? I wish they would, as they may learn something and get a rough idea of the disappointment of many of the people living here.
Posted by duckman, dubai, UAE on Wednesday 20 May 2009 at 23:04 UAE time
to create total chaos at a larger scale.
What a joke, unfortunately not funny.
I wonder whether anyone of the authorities read any of the comments posted here? I wish they would, as they may learn something and get a rough idea of the disappointment of many of the people living here.
RERA
Posted by Rara on Tuesday 19 May 2009 at 10:15 UAE time
I have to agree with all the comments, RERA needs to look after their own before going GLOBAL..It must be some kind of JOKE, as they can't solve our problems here, so how can they expect to promote themselves anywhere else?? They never reply to any query I send them. They allow developers to hold our money for years before starting construction, I could go on but I won't!!
Posted by Rara on Tuesday 19 May 2009 at 10:15 UAE time
I have to agree with all the comments, RERA needs to look after their own before going GLOBAL..It must be some kind of JOKE, as they can't solve our problems here, so how can they expect to promote themselves anywhere else?? They never reply to any query I send them. They allow developers to hold our money for years before starting construction, I could go on but I won't!!
honestly?
Posted by Paul, dubai, UAE on Tuesday 19 May 2009 at 08:21 UAE time
No comment, just a question.
Is Dubai really a model for a well-regulated and successful real estate market that others may wish to follow?
Posted by Paul, dubai, UAE on Tuesday 19 May 2009 at 08:21 UAE time
No comment, just a question.
Is Dubai really a model for a well-regulated and successful real estate market that others may wish to follow?
Come on
Posted by Dude, Dubai, United Arab Emirates on Tuesday 19 May 2009 at 07:54 UAE time
Come on people, they want to advise others on how to avoid creating a mess out the mess like the one they have created in Dubai.
Posted by Dude, Dubai, United Arab Emirates on Tuesday 19 May 2009 at 07:54 UAE time
Come on people, they want to advise others on how to avoid creating a mess out the mess like the one they have created in Dubai.
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