The Real Estate Regulatory Authority and Dubai Land Department are beginning a rigorous monitoring process for property developments and controlling supply of new units to ensure the sector recovers from the global financial crisis, said Marwan bin Ghalita, the chief executive of Rera.

The value of property deals in January and February of 2009 was 45% less than the same period in 2008, while there was a 40% decrease in the number of sales, according to the Land Department.

To restore confidence to the property sector, Mr bin Ghalita said the agencies will create monthly progress reports for each of the 875 developments in Dubai and post them on their website to keep buyers informed about their investments. The agencies have also begun financial audits of the developers.

The National