Sheikh Mohammed Issues New Law on Dubai’s RERA.
As you initially know, Dubai has one of the most giant real estate markets in the world. The Government of Dubai has been always doing its best to improve different sectors of the country by setting new laws or changing the existing one. For economy of Dubai, the rules related to real estate are vitally important. In order to make more progress, Sheikh Mohammed has come up with a law.
Sheikh Mohammed Bin Rashid Al Maktoum, Vice president and prime minister of UAE issued a new law which is related to Dubai Real Estate Regulatory Agency (RERA). Based on the new law, the goals of RERA include contributing to some of the developments of Dubai’s Real Estate sector. The RERA aims to enhance the real estate contribution to the economy of Dubai. One of the most important objectives of this new law is to create a safe environment for real estate projects where the rights of investors and developers are protected.
Pursuant to this law, RERA will be responsible for regulating and overseeing real estate development escrow accounts, accrediting financial institutions that are qualified to manage real estate development escrow accounts, and approving regulations that govern development, brokerage and management of real estate including joint property.
According to the new law, RERA is responsible for:
- Accrediting financial institutions.
- Brokerage and management of Real Estate
- Education people about their rights through launching awareness programs.
- Preparing policies to balance supply and demand in the market.
The market has been recently more buyer-friendly as there have been some ups and downs resulting in lower prices of properties. The Properties of Dubai and the UAE are now among the most desirable ones. So Dubai is the best place to invest in real estate.
