In the past the Dubai Real Estate Development Business has been an oasis for any new coming want to be Real Estate Developer. If someone wanted to develop a Real Estate project in Dubai all they had to have was: enough money to buy their license, rent an office, buy a plot, pay an architect and hire some staff. The ministries didn’t find it necessary to demand and research the new coming developer’s company history or their professional experience. Unlike in western countries, where a track record is mandatory, in Dubai the government even allowed a developer to launch several projects at the same time. No ministries were there to double check and bring to a halt all the happy-go-lucky developers which were launching one project after another.
With so many developments that have been speedily launched in Dubai we are still left with the uncertainty with the actual ongoing development and developer’s final commitment. RERA is now the Regulatory Agency which has been appointed end of 2007 to look out for the Development coordination in Dubai. Nevertheless, still many investors have been left worrying about their previous investment in Dubai Properties. RERA should help investors gain more clarity of the ongoing situation of all the developments. Many questions need to be answered like: Which Dubai Property Development is being canceled? Which development is on hold? Which project is overdue? For example what happened to Dubai Waterfront, Jebel Ali Downtown, Jumeirah Village, Cultural Village, Palm Deira and The World Dubai? Dubai Land and Falcon City seems far from happening. Several projects in Business Bay have been put on hold.
