State-backed master developers in Dubai are damaging the property market's prospects of revival by continuing to build during the downturn, Rera CEO has said.
"Everyone is saying there is too much supply.... One of the factors of any real estate market is supply, but supply in Dubai real estate market is coming from master developers, Nakheel, Dubai Holdings and Emaar, and sub-developers. And we need as a regulator to watch for the master developer, not the sub-developer. Because the master developer should understand, believe that, that they are damaging the sector by introducing more supply," Ghalita told Arabian Business.
Ghalaita said no master developer in Dubai was above the law, which his agency was mandated with imposing.
"There is no developer above the law. Or sub-developer. Nakheel, Emaar, Dubai Holding, all of them are following the law of the regulatory agency. All of them. There is no exception. If any of them has any assumption that they are above the law, then let them read the law. The law did not exempt anyone.... But people think 'oh those are the master developers, so they are exempt.' No, no, no," he said.