source The National
The property watchdogs in Dubai and Ajman have agreed to co-ordinate data in both emirates, making it possible to identify blacklisted agents and developers.
“We signed this week an MOU with ARRA, the Ajman Real Estate Regulatory Agency, to regulate the market together,” Marwan bin Ghalita, the chief executive of the Dubai Real Estate Regulatory Agency (RERA) said. “We will share the same database of developers and agents. If there is a developer who is blacklisted in Dubai, this will also show on their database, so they will be aware of it.”
He said complaints had been received that estate agents were working in both emirates while only being registered in one.
“We will be regulating this kind of activities between the agents too.”
The establishment of a common database will also give regulators, developers and investors a clearer picture of the market.
“Our database will be available online for people to see it,” Omar al Barguthi, the head of ARRA said. “We need to make accessible to the public, what we have, good and bad.”
Mr Barguthi said the database was expected to be ready soon.
“We temporarily registered [some developers] as some of the projects still require documentation,” he said. “It would not be fair for me to say this project is not registered or documents are missing unless I give the time to developers to give it to me.”
ngillet@thenational.ae
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