Speaking to delegates at the Cityscape Conference in Dubai, El Burai said that the index would be run along the same principles as Rera's rental index, which is currently available on the agency's website, and would be updated on a quarterly basis.
'We are looking at a professional and transparent real estate market, where all parties' rights are protected,' said El Burai, adding that the agency was rolling out a series of initiatives designed to include all main groups within its regulatory framework.
Speaking of Dubai's property market leading up to the crisis in 2008, El Burai said that the sector had 'missed its focus and sense of responsibility,' but added that it was now back on track.
'[2009] has been a long and painful year...but it has taught us to be more creative, effective and ambitious,' he said. 'We have done a lot but there is more to do, this is just the start of it.'
But El Burai added that it was solely up to Rera to manage investors expectations, pointing out that buyers had to take responsibility for their investments. Alluding to examples of investors not properly examining contracts he said: 'We have a responsibility to protect the investors, but the investors also have their own responsibility.'
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Dubai's Rera to release house price index
- United Arab Emirates: Monday, October 05 - 2009 at 17:46
Mahmoud El Burai, Director, Development at Dubai's Real Estate Regulatory Authority (Rera) has confirmed that the regulating body is to issue a price index that focuses on the value of properties across the emirate.
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Edward Poultney, Editor - EnglishMonday, October 05 - 2009 at 17:46 UAE local time (GMT+4)
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