Highlights
RERA restructuring aims to get Dubai’s real estate on firmer ground
Dubai’s Ruler and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum on Sunday issued a new law for the restructuring of Dubai’s Real Estate Regulatory Agency (RERA).
The law, which will come into force on the day on which it is published in the official gazette, states that Dubai Land Department will replace RERA for registration of real estate rental contracts and regulating the relationship between property owners and tenants and any other matter related to real estate rental contracts.
RERA, established in 2007, will now “contribute to the development of Dubai’s real estate sector within an integrated system of regulatory and monetary procedures and enhancing the sector’s contribution to Dubai’s economy,” a statement said.
It will regulate and supervise real estate development escrow accounts; accrediting financial institutions that are qualified to manage real estate development escrow accounts; and approve regulations that govern development, brokerage and management of real estate including joint property.
RERA’s other responsibilities include promotion of professional and ethical standards in the industry, observe any real estate advertisements out in the media and create, supervise, and revise policies designed to balance supply and demand.
READ: Dubai’s Real Estate Slump Catches Up With the City’s Finance Hub
Apart from working to provide a “secure environment” for real estate projects and protect the rights of developers and investors, the agency will also initiate new programmes that encourage the exploration of new avenues.
The law also stipulates that the chairman of the Executive Council of Dubai will appoint the CEO of RERA and also issue the regulations and resolutions required to implement the law, the statement added.
The announcement follows on the heels of an earlier one that announced the formation of a committee to balance property supply and demand as a slump in prices weighs on developers in the Middle East’s business hub.
-
OER Magazines1 month ago
OER, September 2024
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, September 24
-
Uncategorized4 weeks ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Commodities1 month ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance1 month ago
Apple Pay Officially Launched in Oman
-
Oil & Gas4 weeks ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Investment1 month ago
With Over RO600M in Foreign Investments, Future Fund Oman Unveils the First Batch of Investment Projects with an Overall Value of RO830M+
-
Lifestyle1 month ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season