photo credit: Joi
Investment property buyers in the UAE will be able to check real estate developers against a new ranking system being developed by the Dubai government.
The authority’s Real Estate Regulatory Authority (Rera) is to bring in the scheme, which involves grading firms according to experience and financial stability.
According to UAE daily The National, chief executive of Rera Marwan bin Ghalita said:
“We’re evaluating all of the developers in Dubai.”
“All will be graded according to their financial liquidity, their experience in the market, the number of projects and the added value they give to the community.
“So before people invest in a project, they will see what the rating of the developer is and will be able to base their decision on that.”
The move is designed not only to reduce the vast number of real estate development firms in the state but also to boost buyer confidence.
The new scheme is the latest in a series of rule-tightening measures brought in by the emirate, which is looking to provide a stable long-term future for it’s previously hectic real estate market.
Buyers can already register transactions for off-plan property via online system Oqood, and property courts were set up last year to handle disputes.
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