As we all know Dubai has become one of the fastest growing and developing cities across the globe which is showing tremendous growth in huge property development projects in residential, commercial and industrial sectors. Moreover, after the implementation of new freehold property laws, foreigners also become eligible to buy Dubai property. Such steps have made Dubai real estate market an international market that drags investors across the globe. Dubai Land Department identified the need for a proper regulatory system to regulate the whole process of asset selling, buying and leasing. Initially, the Dubai Land Department was the only organization that oversees all types of real estate sales and purchase matters. But due to the rapid growth of the Dubai real estate market, authorities feel the need for a more defined legislative system to protect everyone involved in the process of property purchasing and selling. To execute the regulatory needs of the Dubai real estate market, DL supported the formation of the Real Estate Regulatory Authority in July 2007. RERA was approved by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.
How RERA monitors the Dubai real estate market?
RERA successfully created a transparent and very effective regulatory system, which is capable to predict the rights of landlords, sellers, buyers, tenants as well as property management companies operated in Dubai. RERA regulates the Dubai real estate market by authorizing property developers, property management companies, real estate agents and landlords. Whether you are a landlord going to rent out your property or a property developer or real estate agent, in all cases everyone has to register themselves with RERA to become legally certified to sell or rent their properties. Real estate investors and property buyers also need to check that property developer they dealing with must be registered with RERA and possess a registration number. If you are dealing with property dealers make sure s/he is RERA certified displaying an Identity Card issued RERA. Moreover, investors also confirm that payments they are going to make to property development or property management firm must be made via escrow accounts in one of the RERA approved banks or financial institutes.
Real Estate Regulatory Authority carefully designing its laws and regulation to provide an easy legislative system to control Dubai real estate market. Besides its major aim to make safer property deals, it also focuses to create a platform that capable to generate more profits to reduce current decay in the property market of the city. It is a very positive step taken by the State government to improve asset market dealings in Dubai. The system is working to secure investors and maintain transparency during the whole process by registering everyone involved in the process.