NewsRERA
Buyer awarded refund for off-plan investment
An investor in the Niki Lauda Twin Towers in Dubai was recently awarded a refund by Dubai Courts. Ron Oakley, a British investor, bought two units in the off-plan project launched by the german developer, ACI, in late 2007. In March 2009 he filed a lawsuit against ACI, trying to recover his investments...
27 projects in Dubai could be cancelled
Dubai is considering cancelling 27 projects, the head of its real estate regulator said on Monday, as the emirate’s property market slumps in the global downturn. A decision whether to cancel or not would be made by the end of the month, said Marwan bin Ghalita, the head of the Real Estate Regulatory...
Cirrus offers investors in Aquarius Gate a ‘Restructuring Proposal’
Dubai developer, Cirrus Developments LLC, has announced a proposal for its purchasers which offers a way forward for projects in which the majority of purchasers run the risk of being forfeited or are in default. The ‘Restructuring Proposal’ (RP), which Cirrus has developed and is now presenting...
Monthly progress report for every project in Dubai
The Real Estate Regulatory Authority of Dubai (RERA) will publish monthly status reports on every single project in Dubai on their website, starting next week. So far, 875 projects are listed with RERA, and Marwan Bin Galita, chief executive of RERA, hope this initiative will comfort investors in these...
Mohammed issues property decree
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has issued a decree which prevents increases in rents in 2009 for tenants who are renewing rental contracts signed in 2008. However, the decree provides that the landlord shall reserve the right to increase...
Residents require greater transparency on maintenance fees
Residents are calling for greater transparency over how money is spent on the maintenance and upkeep of apartments. Laws regulated by Dubai’s Real Estate Regulatory Authority (RERA) say that homeowners should be able to monitor how service charges and maintenance are being spent by participating in...
RERA reassures property investors that property market in Dubai is safe
The Real Estate Regulatory Authority (RERA) has reassured investors that the property market in Dubai is still safe despite the global financial crisis. However, the authority said on Wednesday that it could not protect those investors who have sought advice from unprofessional real estate agents. Pointing...
Ajman plans to establish regulator on the lines of RERA
The emirate of Ajman plans to establish a real estate regulatory body on the lines of Dubai’s Real Estate Regulatory Agency (RERA). The regulator will be established in the first quarter of next year, and its main purpose is to oversee property developments. This means that the government of Ajman...
Avanti to launch three prestigious projects worth Dh 1bn
Avanti Holding has announced the launch of three projects at the same time, in Dubai. The news came to reaffirm the company’s position as a key player in the real estate industry across the U.A.E. The company already delivered to the market 6 other projects in the last two years in the UAE, the...
Azizi Platine revealed on Palm Jebel Ali
Azizi Investments, one of the Gulf’s fastest growing real estate developers, has today revealed its latest approved building design, the luxurious Azizi Platine, located on Palm Jebel Ali. Sleek, strong and elegant as its precious namesake, the Azizi Platine is the essence of pure luxury. Designed...
