This is great for the UAE and Financing here!
1 November 2008 is around the corner and RERA [The Real Estate Regulatory Agency] comes into full effect.
That is good news for those of us working within the real estate sphere, despite the reluctance in the market at the moment.
How I understand it, is that a seller can now only use 3 designated estate agents as opposed to using numerous brokers, as was the case in the past.
That is good news for estate agencies and more transparency for the buyer.
If agents are not registered with the Dubai Land Department, they can not even think about selling properties, as they will be rejected mmmmmm interesting.
This new directive looks like its aimed at cleaning up the industry as a whole.
Approved borrowers also need to be issued with the appropriate mortgage paperwork and mortgage firms will see an influx of business, which in turn results in a sustained activity for lenders.
The good news is that the law has changed in our favor and we can now afford to purchase properties with co-applicants, should we not be able to get hold of deposit targets set by the various lenders.
Statistics Dubai reveals that land deals worth Dhs22.9 billion were carried out in Dubai, while 1128 buildings were completed at a cost of Dhs5.579 billion, of which 207 investment buildings, 710 residential buildings, and 211 buildings were meant for recreational, service and industrial purposes.
Statistics Dubai reveals that land deals worth Dhs22.9 billion were carried out in Dubai, while 1128 buildings were completed at a cost of Dhs5.579 billion, of which 207 investment buildings, 710 residential buildings, and 211 buildings were meant for recreational, service and industrial purposes.
With more than 500,000 resident visas and 300,000 labour visas issued each year, there is a vast need to house all of us. So a multitude of developments need to take place, as Dubai has only achieved a proportion of its development plans.
What you and I can do, is to folus and be optimistic and positive, despite the speculation about saturation, as the figures clearly show that Dubai still has so much to offer.
That is why we have all chosen to be here. Its a great place. See for yourself.
Our collaboration of the whole real estate community (Lands department, government department, developers, agents, mortgage firms, management companies, lenders, investors and tenants) is a reminder that we all have a role to play and let’s make it happen!
Now BOOM BOOM BOOM! Easy capeezi
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