The current market situation calls for a greater need for regulation and scrutiny to ensure that only credible developers enter the market, said Marwan bin Ghalita, Chief Executive Officer of Real Estate Regulatory Agency (Rera).
"We plan to apply new conditions aimed at regulating off-plan sale of properties in line with the new laws No 8 of 2007 and No 13 of 2008," he said at a one-day forum held in partnership with the Dubai Islamic Bank (DIB) and attended by over 50 real estate developers. It was aimed at providing a platform for DIB's escrow account customers to have a dialogue with Rera.
Bin Ghalita said: "Since Rera's establishment in 2007, we have taken several steps to bring about greater transparency and credibility in the real estate sector and will continue to play a key role in regulating the market. This interactive session is another step in the right direction."
As one of the largest escrow players in the market, DIB has been actively involved with consulting Rera on general issues related to trust regulations.
Ayman Adel Kamal, Executive Vice-President and the Chief of Real Estate Finance and Direct Equities Department, DIB, said: "As a provider of value-added services such as escrow account management, we are pleased to facilitate this interaction between our customers and Rera. Such dialogues enable service providers like DIB to enhance the services offered, while also supporting authorities such as Rera to strengthen and tighten regulations. DIB will continue to contribute towards enhancing investor confidence in Dubai's real estate sector."