Dubai is one of the fastest growing cities in the world and offers numerous opportunities for Investments in property and companies. To regulate the property market, the Dubai Land Department (DLD) established the Real Estates Regulation Agency (RERA) in 2007. RERA is responsible for developing guidelines and laws to regulate the property sector in Dubai and the rights of property owners, tenants and real estate agents.
This guide contains all the details about RERA Dubai and how it regulates the property sector and property trading.
What is the RERA?
RERA Dubai, the regulatory arm of the DLD, was launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Vice President and Prime Minister of the UAE. The aim of this initiative was to create a transparent and effective legal framework for the property sector. In addition, the agency has online portals and initiatives for tenants, landlords, buyers, sellers and tenants. Real estate agent.
The core tasks of RERA
RERA Dubai is a regulatory authority of the DLD, but has its own financial and administrative authority. It drafts legal documents and is able to take measures and issue orders to achieve its objectives.
The tasks of RERA in regulating the property market in Dubai are listed below:
- Drafting of laws to regulate property agents and owners.
- Regulation of the training and certification of real estate agents.
- Licensing and monitoring of activities related to RERA and property transactions in Dubai.
- Accreditation of financial institutions that can manage escrow accounts for property developments.
- Regulation and legalisation of lease agreements.
- Preparing statistical reports and raising awareness of the property market in Dubai.
- Supporting clients in the valuation of properties on the basis of the defined standards.
- Implementation of programmes to promote and encourage people to work in the real estate sector.
- Definition of standards for the rights and obligations of the parties involved in property transactions.
What are RERA forms?
Property agents, buyers, sellers or tenants must adhere to the RERA guidelines.
Here are some of the RERA forms for agreements between the parties
- FORM-A: Contract form between property seller and estate agent.
- FORM-B: This form is an agreement between the buyer and the estate agent and contains all the necessary information such as the buyer's budget, the type of property and other required information.
- FORM-I: This is a contract form between the buyer and the seller's agent.
- FORM-F: Purchase agreement (MoU) between buyer and seller.
- FORM-U: This is a form for the conclusion of a transaction or contract between buyer and seller, which is signed by the estate agent.
Intelligent initiatives from RERA
DLD has launched a number of smart initiatives to implement the RERA rules. Some notable examples are listed below
Dubai Rest App
DLD offers a one-stop solution for all property transactions. The Dubai REST App is available for both Android and iOS. The features include
- Tracking of each property project (percentage of completion, current pictures of the project, escrow account number, payments due to the owners in the projects).
- Property transactions (purchase, sale, mortgage or rental).
- Services in connection with real estate, e.g. rental disputes or certification applications.
- RERA-Dubai calculator for rental and sales indices.
- Details of certified estate agents and service overviews as well as information on real estate agencies in Dubai.
Dubai Broker App
As RERA mandates the certification of real estate agents and owners, the Dubai Broker application enables online registration through a smart platform. The Dubai Broker application also uses real-time data to classify real estate agents by performance, success, nationality (UAE national or foreigner) and specialisation.
EJARI
Ejari means "my rent". The RERA initiative Ejari manages all rental contracts and offers the following functions:
Allows you to check the history of the landlord and the property.
regulates the tenancy agreement between landlord and tenant and thus eliminates the possibility of fraudulent activities.
Creating legislation that ensures a favourable relationship between landlord and tenant.
The above features are in accordance with the RERA rules. Any discrepancy on either side will lead to strict action by the authority. In addition, the online platform Ejari offers users the option of using the RERA rent calculator for Dubai to get an overview of rent levels.
Contact RERA-Dubai
Here you will find the contact details of RERA Dubai with telephone number, address and opening hours:
Address: 7868+Q6M, Baniyas Road, Deira, next to the Etisalat building, opposite the Sheraton Dubai Creek Hotel, Dubai, United Arab Emirates
Contact number: +971-4-203-0555
Office hours: Monday to Thursday: 7.30 a.m. to 3.30 p.m. | Friday: 7.30 a.m. to 12.00 p.m.
This is all about RERA Dubai's responsibilities and initiatives to regulate the growing property market. Whether you want to buy, sell or rent a property in Dubai, you must comply with the rules and regulations of the Dubai Real Estate Authority.
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