May EN 2019

6 Mazaya Monthly Real Estate Report - Week 2 - May 2019 However, GCC states have not ceased addressing the phenomenon and are continuing to tackle it through a package of laws and legislation to regulate the realty market and protect it against the chaotic consequences of property fraud. The report refers to the diverse manifestations of real estate scams. On the form, thereof is selling the property for unsubstantiated prices and, therefore, triggering an unjustifiable price hike. Some fraudulent brokers would also sell a propertythatdoesnotexistinthefirstplace. The report indicated that the legislation developed over the past period have failed to put an end to real estate fraud in both regulated and unregulated real estate environments. It has transpired that this growing trend in property fraud stymies the stimulus packages developed to attract investors from around the world in addition to their deep negative impact on emerging property markets which abound in lucrative opportunities and are ripe for FDI inflows.