We tried to do this five years ago, which was the original reason behind Eye on Spain. Now the Dubai authorities are joining the party....but will the Spanish authorities follow....
The progress of every high-profile real estate project in Dubai is now being publicly monitored by the authorities in a move to improve confidence in the emirate’s property market.
The Real Estate Regulatory Authority (Rera) first announced it would be putting listings and update pictures of developments online earlier this month, and the pages started going live late last week.
Each scheme is being tracked, logged and given a progress bar indicator, so property investors can see how far along each development is.
Officials hope it will improve transparency and so help-kick start property sales again in Dubai, which has been hit by a squeeze on lending and construction delays in recent months.
One independent report on the site is for the Princess Tower, a luxury residential property project by Tameer at Dubai Marina.
The summary of the scheme’s progress reads: “Works were found to be progressing and activities were being undertaken on site.
“The structure work for the six basements, ground floor and circa 40 upper floor levels are completed.”
Another report on the Pershing Luxury Beach Residences, another residential real estate scheme, developed by Alternative Capital Investment, says: “Works on the site have not started yet. Preliminary design approval has been provided and now concept design is completed and has been submitted for approval.”
Around 20 of the hundreds of real estate listings entries have had progress reports uploaded on the Rera site so far.
Many high-profile Dubai real estate developers already publish their own internet updates of projects, but the official initiative is designed to provide consistency across the market.
Source: Off plan property exchange