RERA stands for Real Estate Regulatory Agency, which is a government agency that streamlines, authorizes and regulates the real estate sector in Dubai. It was founded by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, Vice President & Primes Minister ruler of Dubai on 31st July 2007. It strongly establishes policies and regulatory acts, in order to encourage expat and foreign investments in the booming real-estate sector of Dubai, whilst providing a strong ethical foundation for those interested.
An online initiative to improve co-operation between all parties involved, namely the developers, investors, buyers, supporting partners like lawyers, banks & insurance companies has been established to improve the property buying experience in Dubai. Land resources can be under security until construction is completed. Land can only be divided after obtaining approval in accordance to local planning. NO land can be either bought or sold until a written direction of His Highness Sheikh Mohammed Bin Rashed Al Maktoum is received.
RERA responsibilities include
- Licensing all real estate activities
- Managing real estate agents
- Licensing real estate agents
- 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 participating in the real estate sector
For more information visit the RERA website at www.rera.ae