Dubai is one of the world’s fastest developing cities, providing several options for property and business investment. Dubai Land Department (DLD) created the Real Estates Regulation Agency (RERA) in 2007 to govern the property industry. RERA is in charge of developing rules and legislation to govern Dubai’s real estate market and the rights of property owners, tenants, and real estate brokers.
This book provides comprehensive information about RERA Dubai and how it governs the real estate market and property transactions.
WHAT IS RERA DUBAI?
H.H Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Vice President and Prime Minister of the UAE, established RERA Dubai, the DLD’s regulatory arm. The goal of this program was to build a legislative framework that was both transparent and effective for the property sector. In addition, the organization includes online portals and programs for renters, landlords, buyers, sellers, and real estate professionals.
RERA’S PRIMARY RESPONSIBILITIES
RERA Dubai is a DLD regulatory arm with its own financial and administrative autonomy. It creates legal papers and can carry out acts and dispositions to achieve its goals and purposes.
The following are RERA’s duties for regulating the Dubai real estate market:
- Creating legislation to govern real estate brokers and owners.
- Regulatory rules governing real estate brokerage training and certification.
- Licensing and monitoring RERA and property-related operations in Dubai.
- Financial institutions that have been accredited to manage real estate development escrow accounts.
- Tenancy contracts are becoming regulated and legalized.
- Producing data reporting and increasing public knowledge of the Dubai real estate business
- Giving clients advice on property appraisal based on predetermined standards.
- Creating initiatives to promote and encourage people to work in the real estate industry.
- Defining the rights and duties of the parties engaged in real estate transactions.
WHAT EXACTLY ARE RERA FORMS?
Real estate agents, buyers, sellers, and tenants must follow RERA standards. Below are some RERA forms for parties to use to reach an agreement.
- FORM-A: Form of agreement between the property seller and the real estate agent.
- FORM-B: This form is a contract between the buyer and the agent that includes all of the relevant information such as the buyer’s budget, the type of property, and other pertinent information.
- FORM-I: This is a contract between the buyer and seller’s agents.
- FORM-F: Memorandum of Understanding (MoU) signed by buyer and seller parties.
- FORM-U: This is a form for terminating any agreement or contract between buyer and seller with the signatures of the agent.
RERA DUBAI’S SMART INITIATIVES
DLD has taken various innovative steps to implement RERA-mandated laws. Here are a few significant examples:
DUBAI REST APP
DLD has created a one-stop shop for all real estate transactions. The Dubai REST app is available for both Android and iOS. Among the features are:
- Each real-estate project should be followed up on (percentage of completion, the actual pictures of the project, the escrow account number, payments due on the owners in the projects).
- Transactions in real estate (buy, sell, mortgage or rent).
- Rental disputes or certification applications are examples of real estate services.
- RERA Dubai rental and sale index calculator.
- Accredited broker information and performance data are available, as well as information on Dubai’s real estate offices.
APP FOR DUBAI BROKERS
Because RERA has made certification necessary for real estate agents, brokers, and owners, the Dubai Broker application allows them to register online via the smart platform. The Dubai Broker program then uses real-time data to categorize property brokers based on their performance, achievements, citizenship (UAE national or expat), and specializations.
EJARI
‘My Rent’ is the meaning of the word Ejari. Ejari, an RERA project, controls all rental agreements and includes the following features:
- Check the landlord and property history.
- Regulates the lease contract between the landlord and tenant, removing the risk of fraud.
- Make legislation to guarantee that landlords and tenants have a mutually beneficial relationship.
The features listed above are in accordance with RERA regulations. Any dissent from either side is met with harsh retribution from this authority. Furthermore, customers of the Ejari online platform may utilize the RERA Dubai rental calculator to gain an estimate of the rent index.
RERA DUBAI CONTACT DETAILS
Below are the contact details for RERA Dubai, including the phone number, address, and office hours:
- Address: 7868+Q6M, Baniyas Road, Deira, Near Etisalat Building, opposite to Sheraton Dubai Creek Hotel, Dubai, United Arab Emirates
- Contact Number: +971-4-203-0555
- Office Hours: Monday to Thursday: 7:30 am to 3:30 pm | Friday: 7:30 am to 12:00 pm
This was all about RERA Dubai’s obligations and endeavors to regulate the rapidly expanding real estate sector. Whether you are buying, selling, or renting property in Dubai, you must follow the laws and regulations of the Dubai Real Estate Authority.
