His Highness, Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, has passed a new law that regulates the property regulator.
The new Law No. 4 from 2019 stipulates that RERA is a public institution under the Dubai Land Department.
The new law includes the restructuring of the agency's legal provisions that were established in accordance with Law No. (16) of 2007.
Under the new law, RERA's goal is to contribute to the development of the Dubai real estate sector within an integrated system of regulatory and monetary processes and to improve the sector's contribution to the Dubai economy.
In addition, RERA will work to create a secure environment for real estate projects to protect the rights of developers and investors, implement new projects and programs that enable them to explore new real estate opportunities and promote professional and ethical standards in the industry ,
Under this law, RERA is responsible for regulating and monitoring trust accounts for property development. Accreditation of financial institutions qualified to manage real estate development trust accounts; and approval of regulations governing the development, brokerage and management of real estate, including common property.
RERA also monitors real estate advertisements that are published in the media in the Emirate. Develops and launches awareness programs in collaboration with the Dubai Real Estate Institute to educate the public about their rights and responsibilities; and prepares and updates policies to balance supply and demand.
Under the new law, the Chairman of the Dubai Executive Council appoints the CEO of RERA and also issues the rules and decisions necessary to implement the provisions of this law, which replaces Act 2007 (16).
The Dubai Land Department will replace RERA in the registration of real estate leases and the regulation of the relationship between property owners and tenants, as well as on all other issues related to real estate leases.
RERA is the regulatory branch of the Land Department, in which the Department sets laws to regulate the relationship between all contracting parties and organize the exchange of real estate.
The department provides numerous services to clients in Dubai and extends its role to the planning, organization and evaluation of activities related to real estate licenses. It also monitors projects financially and technically to protect investors.
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