Real Estate Watchdog Launched In Ras Al Khaimah
Following a turbulent year in the Emirates property market, the authorities have made substantial efforts to provide legislative protection to people looking to buy property in the region. On the back of these efforts, Ras Al Khaimah last week launched a new property regulation authority, who will oversee the implimentation of escrow accounts for all freehold development projects.
The Ras Al Khaimah Investment Authority (RAKIA) Real Estate Regulatory Authority will monitor developments with a collective value of over AED 6 billion, and already a number of major developers including Select, Pure Real Estate and Manzil have registered with RAKIA RERA. Several leading banks including Bank of Baroda, Dubai Islamic Bank, Abu Dhabi Commercial Bank and Badr Al Islami-Mashreq have also signed agreements with the authority to offer escrow accounts.
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