With an election due in a year, German politicians are wary of potential job losses
A regulatory authority will be established in
Dhahiri said the new authority will also eliminate the realty brokers in general, and the hike in rents in particular. “This will contribute to the return of the price of property levels to their normal in this year”, Dhahiri added.
“The aim of setting up the authority, the first of its kind in the emirate, is to chalk out an integrated system that streamlines property rent, sale and purchase dealings, including suggesting legislations and rules that lead to stability,” Dhahiri said.
“It was felt that the properties sector was in dire need for such an authority to curb the unscrupulous traders in this market, which much affects the people by and large, and taking into account that real estates sector was the main cause of the state of inflation the country is experiencing in general, and not only Abu Dhabi.”
The RERA in
“The new authority will definitely result in the fall of rents in the country, and not only in Abu Dhabi, as it will work, and gradually, not to let the rents shoot up, while the number of construction projects will increase,” Dhahiri said adding that this will result in the fall of rents, thus reflects the keenness of the UAE leadership on achieving stability for the citizens, by starting with the stability in realty sector.
Despite the fact that property boom has ended last year after the current financial crisis policy makers are still working to regulate the important segment of the economy as Abu Dhabi is the third Emirate to announce property regulator after Dubai and Ajman.
· adel@khaleejtimes.com
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