“The aim of setting up the authority, the first of its kind in the emirate, is to chalk out an integrated system that streamlines property rent, sale and purchases, including suggesting legislations and rules that lead to stability,” he said. “It was felt that the properties sector was in dire need for such an authority, to curb the unscrupulous traders, which affects people, taking into account that the real estates sector was the main cause for inflation in the country.”
“The new authority will definitely result in the fall of rents in the country and the number of construction projects will increase,” he said.
The new authority will also eliminate the realty brokers in general, and the hike in rents in particular, he said.
