Buying Property in Dubai
The Real Estate Regulatory Agency was established as a result of a law issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, in 2007. Supported by the Dubai Land Department, RERA plays a key and executive role in the regulation of Dubai's real estate scene. Despite being a young entity and with the help of a qualified national staff, the RERA has managed to register all real estate development and brokerage companies in the emirate.
An arm of the Dubai Land Department, RERA is responsible for regulating the real estate sector, helping in formulating sector's strategies, regulating the activities of companies that manage residential compounds, as well as the activities of real estate brokers and the Owners Associations. The Agency also issues the rules and regulations that qualify activities of brokerage, lease contract registration and certification, as well as issues license for real estate development entities.
In order to do this, RERA has set a legislative framework that regulates the relation between the different contractual parties, guaranteeing their rights and establishing their duties and commitments through legislations in force. Precise mechanisms and regulations were put in place to regulate investment activities in the sector in the way that achieves highest returns. RERA made sure its staff are adequately qualified and trained to provide efficient and expert services, and is keen on monitoring all development projects on a financial and technical level in order to protect the wider interests of the market and investors alike.?