The Real Estate Regulatory Authority and a group of private property investors will combine to create an investor’s advisory panel that will provide feedback to the Government as it tries to resolve disputes.
Marwan bin Ghalita, the chief executive of RERA, agreed to the plan during a meeting with the Dubai Property Investors Group, a coalition of more than 350 investors that was formed after sales began to slow last year. Group members say they are concerned about the safety of their investments and ability to get their money back if a developer cancels a project or refuses to start construction.
'We want to protect the real estate investors,' Mr Ghalita said. 'We are studying project by project… Once we have enough information about a project, we will intervene as a regulator.'