The RERA plays a central role in the development and monitoring of the Dubai property market. As a regulatory authority, it has extensive powers to ensure a fair and transparent property market.
RERA's most important areas of responsibility include
- The Licensing and monitoring of estate agents and Property developers
- The Regulation and authorisation of construction projects
- The Arbitration of disputes between buyers, sellers and property developers
- The Monitoring of trust accounts (Escrow accounts) for property developments
The RERA is particularly important for you as a property investor, as it covers various Protection mechanisms has implemented. This includes, for example, the Escrow systemwhere payments for property under construction are held in special escrow accounts. This offers you as the buyer additional security.
The RERA also ensures that all Real estate agent in Dubai have a valid licence and work according to strict ethical guidelines. You can apply for a broker's licence via the Dubai REST-portal of the authority.
Another important aspect is the Price transparencyRERA regularly publishes market reports and price indices to help you assess property investments. In addition, all property transactions must be registered with the authority, which contributes to market transparency.
In the event of disputes, you can contact the Arbitration centre RERA, which mediates between the parties as a neutral body. This is often quicker and cheaper than going to court.
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