The Ras Al Khaimah Investment Authority (RAKIA) has announced that consumers buying property in Ras Al Khaimah will be afforded an additional layer of protection from the Real Estate Regulatory Agency (RERA).
In a statement today (June 29th), the authority confirmed that RERA will be overseeing the implementation of new escrow account laws governing the Ras Al Khaimah property market.
"The escrow account has been implemented to prevent mishandling of construction funds and ensure that investors' money is spent according to the master plan of the project," said RERA general manager Yahia Kambris.
He added that the new regulatory powers will serve to reinforce the emirate's reputation as a lucrative, safe destination for investment in property.
RAKIA has also this month announced that commercial interest in the emirate remains strong, with 289 new business licences issued so far this year to companies across the various free zones in Ras Al Khaimah.