Will Dubai learn from past mistakes in real estate this time around? « ArabianMoney

Will Dubai learn from past mistakes in real estate this time around? « ArabianMoney:

"

The Dubai Real Estate Regulatory Authority did not even exist when the city first granted foreigners the right to buy 10 years ago. Indeed, RERA was only founded in the summer of 2007 when the real estate boom was at its height and a year from crashing.

Until then the early years of the Dubai real estate scene were dominated by a wild cowboy capitalism. Any developer from anywhere could roll up in town, stake out a piece of land and launch a project by selling off-plan to often foolish buyers.

An open house

This open season for real estate developers attracted some very dodgy operators who had no intention of building anything as well as a large number who actually ended up building some amazing buildings, well certainly very tall ones anyway."

'via Blog this'