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Ajman plans real estate regulator
- United Arab Emirates: Wednesday, December 10 - 2008 at 08:41
The UAE emirate of Ajman plans to establish a regulatory body along the lines of Dubai's Real Estate Regulatory Agency (Rera) early next year to watch over property developments. The new body will be responsible for regulating and managing the emirate's property sector, which will include the enforcement of an escrow account law, a system under which all money collected by developers from buyers is used solely for the construction of a project. The escrow regulations form part of Ajman's property law, which was introduced in June.
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Jeff Florian, Senior ReporterWednesday, December 10 - 2008 at 08:41 UAE local time (GMT+4)
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