Everything You Need to Know about RERA in Dubai
Dubai is one of the fastest growing cities in the world with multiple opportunities for investing in properties and businesses. To regulate the property market, Dubai Land Department (DLD) established the Real Estates Regulation Agency (RERA) in 2007. RERA is responsible for drafting policies and laws to regulate Dubai’s property sector and rights of property owners, tenants and real estate agents.
This guide covers complete details on RERA Dubai and how it regulates the real estate sector and property dealings.
WHAT IS RERA DUBAI
RERA Dubai, the regulatory arm of DLD was launched by H.H Sheikh Mohammed Bin Rashid Al Maktoum, the 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. Moreover, the agency has online portals and initiatives for tenants, landlords, buyers, sellers and real estate agents.
CORE RESPONSIBILITIES OF RERA
RERA Dubai is a regulatory arm of DLD but has its own financial and administrative sovereignty. It drafts legal documents and has the capacity to perform acts and dispositions to ensure its aims and objectives.
Following are the responsibilities of RERA to regularise the real estate market in Dubai:
- Forming legislations regarding regulations of real estate brokers and owners.
- Regulatory bylaws for the training of real estate brokerages and their certifications.
- Licencing and monitoring the activities related to RERA and property dealings in Dubai.
- Accreditation of financial institutions that can manage real estate development escrow accounts.
- Regulating and legalising tenancy contracts.
- Creating statistical reports and raising awareness of the real estate market in Dubai
- Providing support to the clientele on the property valuation based on the set standards.
- Implementing programs that promote and encourage people to work in the property sector.
- Setting standard of rights and responsibilities of the parties involved in property dealings.
WHAT ARE RERA FORMS?
Real estate agents, buyers, sellers or tenants need to comply with the RERA guidelines. Here are some of the RERA forms for agreements between the parties
- FORM-A: Agreement form between the property seller and real estate agent.
- FORM-B: This form is an agreement between buyer and agent which includes all the necessary data such as the buyer’s budget, type of property and other required information.
- FORM-I: It is a contract form between the buyer and seller agents.
- FORM-F: Purchase agreement (MoU) signed between buyer and seller parties.
- FORM-U: It is a form for termination of any deal or contract between buyer and seller with the agent’s signatures.
SMART INITIATIVES BY RERA DUBAI
DLD has introduced some smart initiatives to implement legislation set by RERA. Following are some noteworthy examples:
DUBAI REST APP
DLD has provided a one-stop solution for all real estate dealings. Dubai REST application is available on android and iOS both. Features include:
- Follow-ups on any real-estate project (percentage of completion, the actual pictures of the project, the escrow account number, payments due on the owners in the projects).
- Real estate transactions (buy, sell, mortgage or rent).
- Services related to real estate, for instance, rental disputes or certification applications.
- RERA Dubai calculator for rental and sale index.
- Certified broker details and performance charts alongside the information of the real estate offices in Dubai.
DUBAI BROKER APP
Since RERA has made it mandatory for the real estate agents, brokers, and owners to get certified, Dubai Broker application allows them to register online through the smart platform. Dubai Broker application further uses the real-time data to classify the property brokers according to their performance, accomplishments, citizenships (UAE national or expat), and specialisations.
The meaning of Ejari is ‘My Rent’. RERA’s initiative Ejari regulates all the rental agreements and provides the following features:
- Allows checking landlord and property history.
- Regulates the lease contract between the landlord and tenant, eradicating the chances of any fraudulent activity.
- Create laws to ensure a beneficial relationship between landlord and tenant.
The above-mentioned features are in-line with the RERA rules. Any discrepancy from either side results in strict action from this authority. Moreover, Ejari online platform allows users to use the RERA Dubai rental calculator to get an idea of the rent index.
RERA DUBAI CONTACT INFO
Here are the contact details that include RERA Dubai contact number, address and office hours:
- Address: 7868+Q6M, Baniyas Road, Deira, Near Etisalat Building, opposite to Sheraton Dubai Creek Hotel, Dubai, United Arab Emirates
- Contact Number: +971-4-203-0555
- Office Hours: Monday to Thursday: 7:30 am to 3:30 pm | Friday: 7:30 am to 12:00 pm
This was all about RERA Dubai’s responsibilities and initiatives to regularise the growing property market. Whether you are buying property in Dubai, selling it or renting one, you need to comply with the rules and regulations of Dubai real estate authority.
Stay tuned to the UAE’s property blogs to know more about authorities and laws that regularise the real estate market in the emirates.