photo credit: sans otoole
Another UAE state is to introduce a real estate market regulator after the success of Dubai’s Real Estate Regulatory Authority (Rera).
Ajman will develop an authority early next year, the emirate’s senior planning official has revealed.
Mohammed bin Ahmed, the director of Ajman Municipality’s planning and survey department, also said the authority will start enforcing an escrow account law in 2009.
Quoted by Emirates Business, Mr Bin Omeir said:
“The new real estate regulatory body will be similar to that of Dubai’s Rera and will be established in the first quarter of next year.
“The government agency will be a separate entity and will not be a part of Ajman’s Department of Land and Property.”
Many of the UAE’s states have had an interested eye on Dubai’s Rera since it was created last year.
The body, the first of its kind developed in the region, is responsible for licensing and managing Dubai’s stellar real estate market.
It was created to improve transparency and trust in the sector and even resolved disputes until this responsibility was passed to a specially developed property court system in October.
Rera is now also responsible for issuing public notices in newspapers when builders apply to cancel property investment projects in the emirate.
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To whom it may concern,
I own a property in Ajman emirates city, lavender tower construction on the project is going on and it has past the 22th floor.
Have a contract and its due in 2011, more
than 50% paid for. Currently I am interested in selling
The property if interested let me know for
more details.
Best regards
Alireza rahimian
Email:rahimian_alireza@yahoo.com