Dubai’s Real Estate Regulatory Authority (RERA) has completed a programme that reviewed the emirate’s real estate projects, seeking to establish the viability and likelihood of completion of each project.
The Dubai Prospectus posted on the London Stock Exchange website states that: “In the last two years, RERA has … completed a review of more than 450 projects and, of these reviewed projects, 237 are expected to be completed in due course. 217 registered projects have been cancelled by RERA as at 31 May 2011.”
Concerns have been voiced by some commentators that there is oversupply to the Dubai real estate market and that this is driving down unit prices. The cancellation of projects that are unlikely to be completed is one way to help stabilize the market and to provide more clarity about the completed units that will be released to the market in future. This could in turn lead to lead to recovery in price levels.
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Andrew Yule is an associate at Afridi & Angell, a UAE-based law firm. He can be contacted at ayule@afridi-angell.com. Afridi & Angell has offices in Abu Dhabi, Dubai and Sharjah.
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