Dubai’s Rera to present true picture of real estate sector next week

source Go Wealthy

Denying recent reports about significant number of projects in Dubai being shelved, UAE emirate's Real Estate Regulatory Agency (Rera) said it would be releasing accurate data next week to paint a true picture of Dubai's real estate market.

Marwan bin Ghalita, Rera's CEO: "If you look at the data in this report, you can see that it is not true. This is because some of the projects they mentioned as cancelled are in reality still very much on. Construction is still going on at these projects."

Bin Ghalita said the agency is currently "studying" the impact of the global financial crisis on the market. He said further that the agency was using all strategies of crisis management at its disposal to address the downturn that is happening in the country's property sector.