Real Estate Regularity Authority is a regulatory agency created by State Government of Dubai with the aim to regulate real estate organizations and agents working in Dubai. It was established on 31st July 2007 by vice president, Sheikh Mohammed Bin Rashed Al Maktoum and prime minister of Dubai. The Dubai Land Department of State Government strongly supported establishment of this regulatory authority. It is a principal organization in the emirate, which authorize and regulates real estate organizations and professionals practicing in Dubai. RERA plays executive role to regulate real estate in Dubai. Although it is a newly established organization, but due to keen interest of state government and highly qualified national staff, the agency has successfully managed to register all real estate development organizations and agents working in the emirate.
Primary Goals of Establishing RERA
RERA was established to provide strong legal frame work to buyers, sellers and renters and enable them to make all kind of asset deals in effective manner. Its major aim is to make the whole process extremely transparent with an attempt to eliminate any type of property frauds. Observing deep interest of international investors to make investment in real estate market of Dubai, RERA is trying to set policies for real estate sector that successfully drag potential investors in property market of Dubai. The agency is totally independent with its own financial and administrative infrastructure to regulate real estate sector of Dubai. RERA has build up an online society that makes it possible to coordinate developers, investors and buyers with each other as well as with other supporting sectors like banks, insurance companies and law firms. RERA acts like an arm of Dubai Land Development Department. It helps this industry to develop strategies and regulating activities for property management organizations, property consultants, brokers and owner associations that are taking part in selling, renting and purchasing of residential assets in Dubai. Real estate regulatory authority is the legal organization that also issues rules and regulation to set standards for brokerage activities, registration of lease contract and certifications. Moreover, it also issues license for real estate development professionals.