By Dylan Bowman
UAE emirate to establish body along lines of Dubai's Real Estate Regulatory Agency early next year.
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.
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.
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.
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.