Rera warns against Dubai and Ajman property swaps

Marwan bin Ghalita, CEO of the Dubai Real Estate Regulatory Authority, has said that property investors need to be cautious of initiatives and schemes offering to swap properties between Dubai or Ajman and the US, Emirates Business has reported. The warning follows a recent advert in a local newspaper by a US-based investment firm, which said it would exchange finished Dubai or Ajman properties with "completed freehold" properties in the US. "We have not received any request for such approvals from firms offering to exchange properties in Dubai for properties in the US," bin Ghalita told the newspaper.