Rera to introduce ranking system to evaluate Dubai real estate developers

source Go Wealthy

Dubai-based real estate developers will be ranked by financial stability and market experience under a new system to be introduced by Real Estate Regulatory Authority (Rera), learnt from our sources. The system is an attempt by Rera to reduce the number of developers and to better regulate real estate sector.

"We're evaluating all of the developers in Dubai. There are too many of them. We need to make the number smaller so we can control them more and they can serve the market better" said Marwan bin Ghalita, the chief executive of Rera

The move will be followed by a regulation requiring property developers registering off-plan projects to fully own the land first. During Dubai's explosive property growth in the past six years, the number of developers has risen above 100. Last week Rera announced a regulation banning freelance property agents from operating in Dubai. Any broker who wants to set up business will have to be over the age of 18 and obtain a good-conduct certificate from Dubai Police. Brokers also will have to take a Rera training course.