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Do you think that Rera’s new regulations will help Dubai’s ailing property industry?
The results are in.
February 15, 2009 2:44 by Dana El Baltaji
With the future of Dubai’s property sector in question, Kipp wanted to know if readers felt that the Real Estate Regulatory Authority (Rera) will save developers and investors from financial ruin. According to our poll results, the majority of Kipp’s readers (42 percent) are unsure if Rera’s regulations will help the property industry because developers are not forced to abide by the authority’s laws.
Another 39 percent of readers feel that Rera’s regulations protect developers rather than investors, and will therefore not help Dubai’s struggling property sector. Interestingly, only 3 percent of respondents feel that Rera’s laws favor investors, and 5 percent think that the authority will ‘rescue us all’.
11 percent of readers asked: Who’s Rera?
The poll results echo the fear and lack of confidence many investors have in Dubai’s property sector, much of which have been well documented in the local and international press.
Unfortunately for Rera, it appears its attempts to sooth investors’ fears with statements have done little to calm the panic. Last week, Marwan bin Ghalita, CEO of Rera insisted that “Loss of investor’s rights is a red line […] it has not happened and it will never happen in Dubai real estate market,” but the fears remain.