Acknowledging the hard and real impacts of the current crisis, Dubai is now revisiting its growth targets, focusing its eyes on domestic matters and most of all – is learning from its shortcomings.
"There are certain areas that we need to improve on," Nasser Al Shaikh, Director General of Dubai's Department of Finance told Emirates Business. "The real estate sector, for example, has witnessed a huge growth after launching leasehold and freehold. We did not have an authority to look at and regulate that sector. Real Estate Regulatory Authority (Rera) was just established a couple of years ago but we did not have all the legislations in place.'
"If you look at Rera, they have quite a number of new pieces of information being launched in the past six months to regulate the real estate market," he added. "This is one of the areas that we can develop because the cycle of real estate is becoming one of the most important GDP contributors here. We need better regulations. And I think Rera is already taking those steps."
No comments:
Post a Comment