As stated by Marwan Bin Ghalita, the CEO of Dubai’s Real Estate Regulatory Agency (RERA,)“Dubai is like a movie star, and just like a movie star everyone is looking at us, adding more pressure.”
He explained that Dubai’s success it now being targeted by false rumors about cancellations of property projects in the city. There are several sources of statistics claiming different totals to the value of cancelled projects in Dubai. The HSBC report said that $75 billion worth of projects are being canceled in the UAE, however a Morgan Stanley report concluded a total of $263 billion.
A concern about an issued list that was being circulated was addressed in an interview with Al Bayan. RERA’s CEO, denied the credibility of this list simply because it was not issued by RERA or the Land Department or any other official authoritative body. He says the market is still being studied.
“We understand the feelings of worry resulted from the impact of the global financial crisis but we are against the unjustifiable panic, exaggeration and hitting under the belt by some for the sake of making illegitimate ends,” he added.
As the list may be inaccurate, there is still some truth in it that several projects have been cancelled, jobs being laid off in the property sector and financial institutions such as HSBC and Morgan Stanley having already produced their lists.
While the list currently being circulated is possibly inaccurate we can only await the official list from RERA which is expected to come out sometime soon. Currently on the RERA website, one can view the Project Progress reports. As stated on their website, the list is not complete but is constantly being updated.
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