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AJMAN REAL ESTATE REGULATORY AGENCY LAUNCHES

AJMAN REAL ESTATE REGULATORY AGENCY LAUNCHES

https://arra.ae/Content/NewsDetailIndex?id=198

2.2.2017
Ajman Real Estate Regulatory Agency Launches

Ajman Real Estate Regulatory Agency (ARRA), has launched "Standards" program on December 2016, during the “First Ajman Real Estate Conference” held under the slogan "Sustainable Development According to Global Standards”. This program aims at upgrading the standard of operations and services provided by ARRA effectively and outstandingly, at a global level to enhance credibility and transparency in the real estate market as well as in the emirate. These standards will be implemented in the coming future, by experts and competent human cadre specialized in the global standards on both levels, technically and professionally.

The program embraces a package of significant global standards in the real estate sector, including the global standards of surveys, global standards of real estate valuation, global financial reporting standards, global standards of calculation of construction and global standards of work ethics in the real estate sector.

Engineer Nisreen Al-Sawan, Head of Engineering and Technical Affairs Department in ARRA, indicated that the idea of standards program is based on the directions of the prudent leadership, chaired by Sheikh Abdel Aziz Bin Humaid Al Nuaimi, the chairman of Ajman Real Estate Regulatory Agency. Moreover, “Standard” Program, has been established in accordance with the strategic plan and for the enhancement of transparency and credibility in all the sectors of society. Engineer Al-Sawan added that the calculation of areas of the real estate units is carried out in different ways, however out of ARRA’s keenness on providing valid data, the technical and professional measurements have been unified in accordance with the international standards, and therefore the variances of areas have been accordingly minimized.

These standards are applied to the services provided by ARRA such as the engineering reports of real estate units, approval of financial auditors and approval of real estate survey companies. Furthermore, a cooperation agreement was signed with the Royal Institute of Chartered Surveyors whereby knowledge can be exchanged and vocational training of real-estate survey specialists can be prepared in order to calculate the areas of real estate units of all freehold projects in the Emirate of Ajman.