Dubai Real Estate Brokers to be ranked by RERA
In addition to getting registered and certified, real estate brokers operating in Dubai will be ranked by the recently formed Real Estate Regulatory Agency (RERA). Real estate brokers will be issued licenses and then ranked according to an official standard. This move is aimed at curbing the presence of freelance real estate brokers in Dubai.
Apart from managing media advertising related to real estate in Dubai, the Real Estate Regulatory Authority is regulating the trust or escrow accounts that have been made compulsory for all real estate developers. At present, RERA has approved five banks to provide escrow accounts including HSBC, Dubai Islamic Bank and Mashreq Bank. Dubai property developers have six months’ time to open escrow accounts. In addition, the authority will form a new department for undertaking the ongoing registration of freehold Dubai properties. RERA is building a strong real estate database so that in future a better planning can take place. Nakheel, Tameer and Dubai Holding have already signed the pre-registration contract.
RERA also has plans to design real estate training programmes to be conducted by an educational institute. The commission fees charged by brokers will be reviewed by the body. Managing real estate brokers in Dubai is part of the multi-pronged approach the authority has planned to undertake in order to streamline the functioning of the Dubai real estate sector. The body will look after the Strata Law as well – the law that oversees the individual owners’ rights in a communal real estate development.
The Real Estate Regulatory Authority was launched in Dubai on July 31, 2007. The main objective of the body is to develop a world-standard real estate market in Dubai that guarantees to look after the rights and requirements of all kinds of property investors. In addition to its regular operations, the authority regulates real estate related exhibitions, and official research and studies.
Early next year, RERA is planning to introduce standard rental forms and certify all types of real estate rental agreements. For commercial property, 3 to 5 year contracts will be introduced in the wake of difficulties with the currently executed agreements of one year term. The Rent Review Committee under the Real Estate Regulatory Authority will finalize rules regarding the landlord-tenant relation in order to arbitrate and settle rental disputes in Dubai.
Apart from managing media advertising related to real estate in Dubai, the Real Estate Regulatory Authority is regulating the trust or escrow accounts that have been made compulsory for all real estate developers. At present, RERA has approved five banks to provide escrow accounts including HSBC, Dubai Islamic Bank and Mashreq Bank. Dubai property developers have six months’ time to open escrow accounts. In addition, the authority will form a new department for undertaking the ongoing registration of freehold Dubai properties. RERA is building a strong real estate database so that in future a better planning can take place. Nakheel, Tameer and Dubai Holding have already signed the pre-registration contract.
RERA also has plans to design real estate training programmes to be conducted by an educational institute. The commission fees charged by brokers will be reviewed by the body. Managing real estate brokers in Dubai is part of the multi-pronged approach the authority has planned to undertake in order to streamline the functioning of the Dubai real estate sector. The body will look after the Strata Law as well – the law that oversees the individual owners’ rights in a communal real estate development.
The Real Estate Regulatory Authority was launched in Dubai on July 31, 2007. The main objective of the body is to develop a world-standard real estate market in Dubai that guarantees to look after the rights and requirements of all kinds of property investors. In addition to its regular operations, the authority regulates real estate related exhibitions, and official research and studies.
Early next year, RERA is planning to introduce standard rental forms and certify all types of real estate rental agreements. For commercial property, 3 to 5 year contracts will be introduced in the wake of difficulties with the currently executed agreements of one year term. The Rent Review Committee under the Real Estate Regulatory Authority will finalize rules regarding the landlord-tenant relation in order to arbitrate and settle rental disputes in Dubai.
posted by Property Reporter at
12:07 AM
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