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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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