What Is RERA Real Estate Regulatory Agency
The world witnessed the development that Dubai reached in recent decades in a short period of time as an unprecedented phenomenon, whether in terms of the amazing urban development or exceptional economic growth, and it became one of the first tourism and commercial destinations in the world that people from everywhere come to enjoy, for its sunny weather and dazzling events and features.
With all these vital activities, real estate and Dubai Property Market has become one of the most active business sectors, and thus emerges the need for many services related to real estate affairs that investors and workers in this sector need.
Dubai Land Department plays this role with high efficiency through the use of well-thought-out planning tools and modern mechanisms aimed at carrying out the required work quickly and effectively, and ensuring that its services reach everyone who needs them in the best possible way. Dubai Land Department aimed to allocate its different services, whether organizational, investment, judicial or educational, to different institutions to manage operations according to their specialization in an effective manner.
The Promotion and Real Estate Investment Management takes care of all matters related to investments and the Real Estate Arbitration Center takes the role of the judiciary that solves disputes related to real estate and lands of all kinds, and the Dubai Real Estate Institute undertakes educational affairs that interest those in the Dubai Property Market like investors, consultants and others, while the Real Estate Regulatory Agency known as (RERA), represents the regulatory arm of the Dubai Land Department.
What are the objectives that RERA seeks to achieve?
The Real Estate Regulatory Agency seeks to achieve several goals that, as a whole, are in the interest of developing and promoting the Dubai Property Market in order to continue to establish Dubai's position at the top of the advanced cities that attain prosperity for its residents in the world, including:
Applying control measures that enhance the role of the real estate sector in economic development.
Providing a supportive environment for real estate developments in a way that guarantees the rights of real estate investors and developers.
Keeping pace with the rapid growth of the Emirate of Dubai, which includes all activities related to the Dubai Property Market.
What are the tasks that Rera performs and what are the services provided by the Real Estate Regulatory Agency to help it achieve its goals?
(RERA) Real Estate Regulatory Agency develops policies and plans regulating the real estate sector in Dubai and it provides an integrated platform that represents a community of private buyers, investors and real estate developers Dubai through which they can obtain all the information they need related to a property or a development to secure trust between dealers.
Among the many tasks that RERA carries out, we mention the following basic points:
Coordinating and organizing the real estate exchange and licensing real estate agencies.
Registration and regulation of lease contracts.
Organizing real estate activities and exhibitions.
providing several smart applications that are easy for customers to use to obtain any information they need regarding real estate in Dubai.
Organizing marketing advertisements related to real estate: The Real Estate Regulatory Agency organizes marketing announcements that real estate developers Dubai publish to announce available projects. Every announcement published by one of the real estate developers Dubai and any real estate institutions must apply for a permit from the Tarakheesi System on the official website of the Dubai Land Department to obtain a real estate permit number, in order for the advertisement to be published bearing it, which is a procedure that ensures protection of investors and real estate developers.
Registration and classification of real estate brokerage offices: The Real Estate Regulatory Agency provides accurate information about licensed real estate brokers in Dubai and details of their offices, allowing those dealing with them to verify their efficiency. RERA adopts a strategy to classify the brokers’ offices according to four categories, namely, gold, silver, bronze and general. This classification is applied through the application of a number of criteria determined by the institution to evaluate its performance aimed at motivating these offices to self-develop to reach the highest position in the classification ladder.
Smart Payment Service: It is a fee payment method developed by the Land Department through which people can pay fees through secure government channels.
The various institutions of the Dubai Land Department work hand in hand to achieve the maximum possible participation in the permanent prosperity of the Emirate of Dubai and the comfort of its residents and visitors, and the regulatory procedures that are followed by remain the main factor that ensures the continuation of progress and development.
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