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 demand and investigate the business background or professional experience of the new developer that came. Unlike in Western countries, where track record is mandatory, in Dubai the government even allowed a developer to launch multiple projects at the same time. There were no ministries there to double check and stop all the careless developers who were releasing one project after another.

With so many developments launching quickly in Dubai, we are still left with uncertainty about the actual development underway and the ultimate 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, still many investors have been left with concerns 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 on hold? What project is overdue? For example, what happened to the Dubai Waterfront, Jebel Ali Downtown, Jumeirah Village, Cultural Village, Palm Deira and The World Dubai? Dubai Land and Falcon City seems far from happening. Several projects in Business Bay have been put on hold.