RERA Plans to Expand Globally

The emirate’s Real Estate Regulatory Authority is planning to become an international reference point when it is the matter of real estate industry. RERA is a regulatory authority that manages licenses and other property related activities in Dubai. This Dubai real estate regulatory body has recently got affiliated to the five organizations which are responsible for regulating the real estate dealings not only in the UAE but around the world. It has also become a part of Menares which stands for the Middle East and North Africa Real Estate Society. The basic aim of this regulatory body is to encourage real estate practices, professionalism and real estate education. Other than this RERA has become a part of various other internationally known real estate bodies.

The director of the RERA real estate sector development department, Mahmoud Al Burai said: “We are in the final stages of establishing Menares. We are aiming to build a professional real estate market and are serious about being first, globally.” He further added “Everyone is looking at Dubai. Everyone is looking at RERA as the reference.” The five organizations in which RERA has joined in are: International Real Estate Federation (FIABCI), Asian Public Real Estate Association (Aprea), World Association of Valuation Organization (Wavo), Urban Land Institute (Uli) and Royal Institute of Chartered Surveyors (RICS).

Al Burai said that the RERA plans of being a global real estate regulatory body were in line with the Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammad Bin Rashid Al Maktoum. Moreover, the exact details of this dealing are still being discussed with other organizations and real estate bodies.