Dubai property investors boosted by Rera plans
Real Estate Regulatory Agency (Rera) has unveiled a new tool that could help investors to ensure they do not get stung.
As the organisation seeks to boost investor confidence and increase market activity in the region, a new system will be introduced that grades developers according to their performance.
Officials will consider each real estate firm's financial position, as well as taking note of previous market experience and the number of existing projects in order to formulate the rankings.
Commenting on the decision, Rera's chief executive Marwan bin Ghalita said the scheme will help reassure investors ahead of a decision to buy.
"Before people invest in a project, they will see what the rating of the developer is and will be able to base their decision on that," he stated.
The system is also likely to see the number of developers in the region reduced, with those that remain offering better service to the market.
Its announcement comes after Rera this week launched Dubai's first official rental price index, which could allow investors to identify areas with potentially high rental returns.