original published Dec. 18. 2008 EmiratesBusiness24/7
http://www.business24-7.ae/Articles/2008/12/Pages/12182008_6320ce3fdd1743309faf8b7f9849a6b2.aspx
Dubai’s Real Estate Regulatory Agency (Rera) has advised investors not to fall prey to “spam” mails, which misinterpret property laws and ask investors to stop payments to developers.
“People have been mislead by those mass e-mails and phone calls and so they have been coming to us for clarifications. We have assured them of all help, if there are any problems,” Rera Chief Executive Officer Marwan bin Ghalita told Emirates Business.
“The dissemination of such false information is both highly misleading and deceptive to investors. This will directly cause investors to lose money if they do not thoroughly read their contracts and seek proper legal advice.” The agency has urged investors to consult with Rera for any official information on Dubai’s property market.
“We appeal to investors to only work with registered professional real estate agents and developers, and to always check the validity of the source of emails, phone calls and newspaper articles.”
A list of all registered agents and developers is updated and available on Rera’s website. However, it has made clear that it cannot protect investors who seek consultation and advise from unprofessional agents or property advisers.
The agency is in the process of establishing a free legal panel to provide consultation to investors.
“The best way to protect your rights as an investor is to seek information only with us by submitting an enquiry through the ‘contact us’ section of our website, www.rpdubai.com, or by contacting our call centre directly.”
All complete official enquiries submitted to Rera will be responded to within 48 hours. Rera has further reiterated that all property laws introduced to the market are there to protect the market and the individual investor, and “these will remain as such”, Ghalita said.
