220 Dubai property projects moving ahead: Rera chief

Dubai’s Real Estate Regulatory Agency (Rera) chief said on Wednesday that 220 projects were moving forward, while investors of cancelled projects were being informed directly.

"Currently, 220 projects have been evaluated and are moving forward," Rera CEO Marwan bin Ghalita told reporters on the sidelines of the third Arab Real Estate and Urban Development Conference.

"Tomorrow, the numbers would rise and  since we are constantly evaluating the projects“

Although he did not say the number of projects expected to be cancelled, Ghalita said “projects that are not good for investors will not go on.”

“Project that are not good for investors will not go on… investors of the cancelled projects are being informed,” he repeated

Late last year, Rera said it has scrapped 202 projects since the global financial downturn and more were expected this year.

According to Rera chief, market sentiments had improved this year and transaction volumes were on the rise.

“The feedback I got from agents is that transaction taking place and market sentiments have improved.”

Dubai has recorded 1,647 transactions so far this year, according to Reidin.com.

Sultan Butti bin Mejrin, Director-General of the Dubai Land Department, said that transactions worth Dh120 billion were registered in 2010 and the numbers were expected to increase this year.

“In the last six years, we have introduced 10 laws and by-laws. Dubai is still leading the Middle East countries and the department is working to improve Dubai‘s position globally,” he added.
 

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