No defaults on top Dubai investment property

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Creative Commons License photo credit: utpal.
Dubai is not seeing any payment defaults on luxury investment property projects, officials from the state’s Real Estate Regulatory Authority (Rera) have said.

Emirates Business reports Marwan bin Ghalita, chief executive of Rera, also said all projects under construction would be completed.

His comments will come as a welcome boost for the emirate’s real estate market, which is undergoing its first price wobble and crisis of confidence.

According to the magazine, Ghalita said lending would have to ease before property buying picked up again.

He told Emirates Business:

“We recently saw a sales transaction for a Dh24 million property. Ultimately, the fate of a luxury property will depend on the affordability of a buyer.”

He also said plans were afoot to introduce a law on the registration of off plan property transactions, and added rules on time share units were also being developed.

Rera is part of the Dubai Land Department and regulates the emirate’s real estate market, having been established in July last year.

The organisation aims to make Dubai’s property world more transparent in order to instil long-term investor confidence.

Last week Mohamed Alabbar, head of Dubai‚Äôs advisory council and chairman of super developers Emaar Properties, went public on the emirate’s financial situation for the first time, admitting it owed $10 billion.

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