Uae Real Estate Regulatory Agency (rera), Purpose And Functions

By Author: William King
Total Articles: 365
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Dubai government has been proactive from the day one in dealing with the problems related to real estate market; issues are seriously dealt with before any of them can damage the confidence of investors in Dubai real estate market. Since 1960 Dubai land department has been keeping an eye on all the real estate sales and purchase matters in Dubai. On 31st July 2007 RERA (Real Estate Regulatory Authority) was launched as an agency under the Dubai land department by his highness Sheikh Mohammed Bin Rashid Al-Maktoum, ruler of Dubai.

Although it was launched under Dubai land department, it is more of an autonomous body, with main objectives being monitoring and regulating Dubai real estate market. People tend to mix these two, though the objectives are same, RERA and Dubai land department differs in their priorities, functions and authorities.

Regulatory measures and standardization of the market:

Dubai attracts investors from all four corners of the earth; also there are expatriates coming from all over the world, then there are UAE locals and developers, all adding into the numbers of stakeholders in Dubai ...
... real estate market. Keeping in mind the countless developments, purchases, sales, rentals, investments and all sorts of transactions going around in Dubai, a highly efficient and focused regulatory body was needed to look into all of the problems arising from these transactions. RERA works towards managing Dubai real estate market in a way that guarantees the interest for all of the concerned parties.

Protecting investors through legislations and registrations:

RERA is working for the security of investors and transparency for all by registering real estate agents, developers, and brokers, etc with them, till date 823 developers, 1790 brokers and more than 950 projects are registered with RERA. Investors are advised to deal with these registered developers (RERA also manages developers trust accounts) and brokers with complete sense of security.

RERA and Dubai real estate:

Since its launch, RERA has been busy laying out rules and legislation for all sorts of agreements, contracting parties, licensing, compiling standard agreement forms for real estate transactions, keeping a check on all parties involved in Dubai real estate market including buyers, sellers, investors, advertisement agencies, agents, brokers and developers. The official website of RERA (www.rera.gov.ae) is a great source to get all the authentic information regarding Dubai real estate laws (many new laws have been introduced recently), code of ethics, news, list of approved developers, brokers, projects or trustees, research studies and survey reports. You can also sign up and submit your complains with them.

William King is the director of Pakistan Real Estate & Pakistan Property Portal: http://www.zameen.com , UAE Dubai Property & Dubai Real Estate Properties Portal: http://www.bayut.com and Sharjah Property & Sharjah Real Estate: http://www.bayut.com/sharjah_property/real_estate_properties-sale-5351-1.html . He has 18 years of experience in the marketing and trading industries and has been helping retailers, entrepreneurs and startups with their product sourcing, promotion, marketing and supply chain requirements.

RERA, regulatory, authority, real, estate, Dubai, laws