RERA goes Int'l - setting the standard

[financier888]

Rera unveils plans to expand globally
TO REBRAND TO MENARES AND AID REGULATION

Dubai The emirate’s Real Estate Regulatory Authority (Rera) plans to go global and become an international real estate reference point with the acronym, Menares, officials announced yesterday.

Menares stands for the Middle East and North Africa Real Estate Society and has already become part of several international property bodies.

“We are in the final stages of establishing Menares. We are aiming to build a professional real estate market and are serious about being first, globally,” Mahmoud Al Burai, director of the real estate sector development department at Rera, said.

Rera recently became a member of five organisations responsible for regulating real estate affairs around the world. These include the International Real Estate Federation ( FIABCI),the World Association of Valuation Organisation ( Wavo),the Royal Institute of Chartered Surveyors ( RICS),the Asian Public Real Estate Association ( Aprea) and the Urban Land Institute ( Uli).

Al Burai said Rera’s plans were in line with His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s vision to become a leading, global Arab city.

Framework

While Menares will be a reference body only, rather than a regulatory one, Al Burai said the authority would be “happy to assist” any country in the region with their own property regulation framework.

“Everyone is looking at Dubai. Everyone is looking at Rera as the reference,” Al Burai said.

The aim of Menares is to encourage real estate education, professionalism and real estate practices.

The exact details of the collaboration with the other organisations are still being discussed.

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[revolutionary]

This should be seen as good news as RERA will have to operate openly and achieve best in class status internationally.

Controlling the unruly developers on their own doorstep however is absolutely necessary to be taken seriously. It seems they are taking a 'softly softly' approach right now but the developers will only change their attitude when RERA start showing some teeth. Enforcing the code of conduct and eliminating deceptive practice would be an easy step to take. Suspending licenses of some developers, preventing withdrawals or payments into Escrow, handing out title deeds irrespective of the dubious reasons given by Developers for withholding clearance certificates.

 

[Heavenscent]

Why do think there were unruly developers in the first place ???? EASY - because there were NO LAWS and there are still no laws at least in practice properly...one of my develepors has plundered the escrow and now he is out of the country! Another has fled the country although they were watching him ?? yet the boom has been going since 2004 ! wouldnt 4 years of boom been enough to put a couple of regulations protecting funds of foreign investors ? after all it wasnt the Sheichs money was it??
Do you REALLY believe RERA are in a position to assist other countries regulatory authorities - when they cant even manage what they have got already ?
I would say for the moment they are a reference point of how NOT to do it !

 

[georgihh]

Yes they can go international but no further than Oman and Qatar. We have seen Emaar internationally' RERA can splash couple of billions but where they going to find them, I hope not from my pocket

 

[PropGuy]

This is a joke, they need to sort out problems in Dubai first. I've a developer who has delayed project for a year. Somebody a day before went the site and took some pictures and there is nothing but sand.

These things are good when market is booming but it won't build confidence in current situation; and actually, it can backfire. There were so many people from Russia, Pakistan, India, and other middle east countries who invested here, because they thought here is less corruption and there money will be safe. But now their sentiments are really down and wish if they have invested their own country. All are not dim on Dubai, people who invested in 2004/2005 are still happy since they are still earning good returns and they have completed property in their hands, although among them are people who are not happy with visa situation. But nonetheless they are happier than off-plan property holders and those who bought in 2007/2008.

 

[Heavenscent]

Yes they can go international but no further than Oman and Qatar. We have seen Emaar internationally' RERA can splash couple of billions but where they going to find them, I hope not from my pocket

There is only one small difference here - Emaar have delivered - not only in Dubai but in other countries as well... they have a PROVEN track record. RERA wants to run before it can walk - with problems more than they can handle here they should learn to sweep in front of their own door and solve those problems first. Only then will they be in a position to advise others - out advice from them was
in 19 words "I advise you to seek legal advise and file a case against the company in the Dubai property court." after of course many unanswered emails to specific people with whom we had already met in person. On what exactly they are in a position to advise on - beats me!

 

[patience]

I thought it was April Fools Day when I saw this press release!

They cant/wont deal with their work load as it is. Its all hype and cheap publicity stunt!
4 months on I'm still waiting for replies to my emails or at least an acknowledgement!

 

[financier888]

what laws?

In most countries, if an atty / solicitor fiddles with hsi clients escow account - it's a criminal offense , punishable by fines, imprisonment and loss of licesne to practice and yet, many developers ingnored the escrow laws, had clients pay funds directly to them, which they are otherwise UN-ACCOUNTABLE FOR and bascially ripped-off the investors....and yet, this is not a 'criminal' offense - investors that were plundered are directed to pursue a civil action and as we are seeing, these developers are running away, hiding out in India or Pakistan and still living like raja's.. having the last laugh. But of course, this is also happening in Ajman, where the authorities and playing the 'fiddle' - & quite masterfully at that...