The Real Estate Regulatory Agency (RERA) was established by the government in 2007 to oversee Dubai’s real estate market. As part of its responsibility, it establishes policies and plans for Dubai’s real estate sector in an effort to attract foreign investment and resolve disputes between landlords and tenants. In Dubai, RERA has full legal authority, an independent financial system, and full administrative independence. Read on to find out more about RERA along with its initiatives and responsibilities.
What Is RERA Dubai?
Real Estate Regulatory Agency (RERA) is a well-known term in the real estate industry in Dubai. The RERA is an agency under the Dubai Land Department (DLD) that was established by Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the UAE. The law provides a transparent and efficient legal framework for everyone involved in the real estate sector in Dubai. An online community has been established by the organization for tenants, buyers, property developers, and real estate investors. Additionally, it facilitates collaboration between supporting industries such as insurance, law firms, and banks.
The core responsibilities of RERA include;
- Real estate agency and commercial license in Dubai
- Real estate developer trust accounts are regulated.
- Lease registration and regulation
- Supervising the owner associations in charge of various buildings throughout the emirate
- Publishing property-related studies
- Managing real estate advertisements in the media
- Real estate exhibitions are being licenced in order to encourage national participation in the emirate’s real estate sector.
- Informing people about regulatory acts affecting the purchase or rental of real estate.
RERA Smart Initiatives
A majority of the agency’s work is in collaboration with Dubai Land Development, and together they have developed a number of smart applications that make the lives of those involved in the real estate sector and those subject to the RERA Dubai laws easier. Ejari is one of the smart initiatives by RERA. In short, Ejari stands for ‘My Rent’, it regulates all rental agreements and allows landlords to check property history. The Ejari system also helps to eliminate the possibility of fraud in the lease contract between a landlord and a tenant. In accordance with RERA regulations, these features have been implemented and any disagreement from either side results in strict action from this authority.
The acquisition of land is an essential commodity and an excellent investment; however, due to its capital-intensive nature, such investments are subject to certain risks. Furthermore, due to the sheer amount of capital invested in the land around the world, all countries enforce strict land laws. Due to this, every country has enacted strict rules and regulations regarding construction and development. UAE is one of the world’s premier investment locations, and there are numerous laws in place to ensure that construction and development are well-regulated.