Posted by: Pradeep | June 2, 2008

Real Estate in Dubai

Are you planning to move to Dubai and buy a piece of property in this RED hot market? After lots of troubles and skeptisms on regulations on being a lease holder for property in Dubai, finally government of Dubai is taking positive steps (atleast to show the world) to bring transparency to the whole matter of construction, buying / selling to owning property in Dubai. Real Estate Regulatory Authority (RERA) has been formed about a year back. The developers are supposed to have Escrow accounts for all their projects with designated banks so that money is not misappropriated. All involved in this business are required to be registered with the authority to ensure fraudulents don’t make their way into.

You can check the RERA website here. But if you are asking about buying property in UAE (including Dubai), then the advice is better wait for the regulations to become investor friendly and uncertainty on residency and naturalization give way to international regulations on the matter.

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