The many developments of the many developers in Dubai
In the past, Dubai’s property development business has been an oasis for any new property developer. If someone wanted to develop a real estate project in Dubai all they had to have was: enough money to buy their license, rent an office, buy land, pay an architect and hire staff. The ministries did not consider it necessary to require and investigate the business background or professional experience of the new developer who came. Unlike Western countries, where history is mandatory, in Dubai the government even allowed a developer to release multiple projects at the same time. There were no ministries there to double check and stop all the unconcerned developers who were launching one project after another.
With so many developments being rapidly released in Dubai, we are still left with uncertainty about the actual ongoing development and final developer commitment. RERA is now the Regulatory Agency that was appointed at the end of 2007 to ensure the coordination of Development in Dubai. However, many investors have still been concerned about their previous investment in Dubai Properties. RERA should help investors get more clarity on the current status of all developments. Many questions need to be answered such as: Which Dubai real estate development is being cancelled? What development is waiting? What project is behind schedule? For example, what happened to Dubai Waterfront, Jebel Ali Downtown, Jumeirah Village, Cultural Village, Palm Deira and The World Dubai? Dubai Land and Falcon City seem to be far from happening. Several projects in the Business Bay have been put on hold.