The UAE government is considering plans for a federal real estate authority to regulate developers across the country, according to a report on Tuesday.
Speaking to the Federal National Council (FNC) Obaid Humaid Al Tayer, Minister of State for Financial Affairs was quoted by the Gulf News website as saying: “There are local real estate regulatory authorities and the government considers assuming a role at the federal level and coordinate between these authorities."
A possible creation of a central government agency to regulate the booming real estate industry in the UAE comes as federal concerns grow about overseas developers who rely on large amounts of debt from local banks to fund projects.
Currently RERA (Real Estate Regulatory Authority) oversees the property market in Dubai. It is part of the Dubai Land Department.
Abu Dhabi is considering setting up a regulatory body similar to the RERA model in Dubai. Ajman's property regulator, ARRA, (the Ajman Real Estate Regulatory Agency) was set up earlier this month and has set a May 1 deadline for developers to register by.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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