Dubai real estate development progress to be tracked online
March 2, 2009 by OPPE News
Every major real estate project under way in Dubai is to be publicly tracked by the authorities in a move designed to bolster confidence in UAE property investment.
The state’s Real Estate Regulatory Authority (RERA) is to publish the progress of schemes on its website and will include construction photographs.
Dubai has seen a slowdown in sales activity in recent months, leading to fears the property investment market could be hit by delays and construction cancellations.
But RERA has already moved to plan rules linking buyer payments to the progress of real estate projects, among other measures.
Marwan Bin Galita, chief executive of RERA, said: “There will be a monthly report for every project in Dubai. We cannot compromise on transparency and trust.”
Other details available on the website from this week will include plot numbers, developer approval numbers registered with RERA and coloured indicators.
Green will be used for real estate schemes going well, amber for slow progress and red for no progress.
Some high-profile schemes in Dubai have already taken their own measures to boost the confidence of those buying as a property investment.
Schemes such as Motor City Dubai, by Union Properties, are already posting their own construction update pictures.
More than 800 real estate projects are registered with RERA, and the online initiative could be particularly welcome with those who have bought a property investment home in Dubai, but are based abroad.
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RERA is doing a great initiative on tackling developers in Dubai. However, it should be noted that developers like Union Properties are NOT covered by RERA because they are leasehold. Most investors are not aware of this. There is a big difference between leasehold and freehold properties, unfortunately the new laws in RERA may not be implemented on UP developments. At this point UP are increasing their service fees as they please among other things stating that they do NOT have to comply under RERA laws.
Right now i’m looking to profit from all the glut of used
construction equipment no longer needed in Dubai. I’m researching 2
U.S.-listed stocks in particular that look very interesting, Ritchie
Bros. (RBA) and WWA Group (WWAG).
Both companies host auctions for used construction equipment in the
Jebel Ali Free Zone, Dubai. WWAG currently holds about 65% of the
market share and is also opening a new 1m sq ft facility soon.
However, WWAG is a tiny company that only owns 2 permanent auction
sites. RBA is a multi-billion dollar global enterprise.
Kinda like David vs. Goliath.
What is the link for the online project tracking ?
See here for link and details
http://www.offplanpropertyexchange.com/news/2009/03/dubai-property-progress-reports-live-online/929