The
Real Estate Regulatory Agency (RERA; ) is a government agency to regulate the
real estate sector in Dubai, the governmental Dubai Land Department. It's a head agency which forms, regulates and authorizes the real estate sector in Dubai. RERA was founded on 31 July 2007 by His Highness Sheikh
Mohammed Bin Rashid Al Maktoum
Sheikh Mohammed bin Rashid Al Maktoum (; born 15 July 1949) is an Emirati politician and royal who is the current ruler of Dubai, and serves as the Vice President of the United Arab Emirates, vice president and Prime Minister of the United Arab ...
, Vice President and Prime Minister of the United Arab Emirates and
Ruler of Dubai
The ruler of Dubai () is the position of the hereditary monarch and head of government of the Emirate of Dubai. The Ruler is also considered the head of the House of Maktoum, the royal family of Dubai and one of the six ruling families of the ...
.
Aims of founding
To set policies and plans in the real estate sector in
Dubai
Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...
in order to increase foreign investments. RERA is a part of Dubai Land Resources Department. The agency has its own financial and administrative independence with full legal authority to regulate the real estate sector in Dubai.
RERA provides transparency and effectiveness of
legal framework
A legal doctrine is a framework, set of rules, Procedural law, procedural steps, or Test (law), test, often established through precedent in the common law, through which judgments can be determined in a given legal case. For example, a doctrine ...
, when everyone involved in the property market can conduct a business. In this concept RERA aims to develop an on-line society for investors, developers and buyers, as well as for supporting sectors (banks, law firm and
insurance companies
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
) could cooperate with each other and with RERA.
Responsibilities
* licensing all real estate activities
* managing real estate developers' trust account
* licensing real estate agents
* regulating and registering rental agreements
* regulating and supervising the owners associations
* regulating real estate advertisements in the mass media
* regulating and licensing real estate exhibitions
* publishing studies for the sector
* enhancing national participation in the real estate sector
RERA also informs people on regulatory acts when buying and renting the real estate in Dubai. Land resources can be in security until the building up is finished. The land can be divided but only after a certain approval according local planning. The land given cannot be either bought nor sold until the written direction of His Highness
Sheikh Mohammed Bin Rashed Al Maktoum is received. According to the policy of confidentiality the Dubai Land Department doesn't publish any information about its clients. Information about the land conditions can be given when the Dubai Land Department studies the condition of Land relations.
In November 2013, Dubai Land Department launched an online real estate portal designed for sale, rental and auctions of properties, as well as for exchanging private and public real estate information.
Management
The director of the agency is Marwan Bin Ghalita.
See also
*
Ajman Real Estate Regulatory Agency
The Ajman Real Estate Regulatory Agency (ARRA, ARERA or Ajman RERA) is an Ajman, United Arab Emirates based government regulatory authority responsible for the regulation and licensing of Ajman's real estate market, consumer protection and dispu ...
References
{{Reflist
Government agencies of Dubai
Real estate in the United Arab Emirates