A government organization called the Real Estate Regulatory Agency (RERA) was created in 2007 to oversee Dubai’s real estate market. In order to encourage foreign investment and resolve conflicts between tenants and landlords, it establishes regulations and prepares strategies for Dubai’s real estate industry. In addition to having its own financial system and administrative independence, RERA is fully authorized by law to oversee Dubai’s real estate market. Here is all the information you want on RERA, its programmes, and your obligations.
What is RERA Dubai?
In Dubai, the term “real estate regulatory agency” (RERA) is frequently used. RERA is a regulatory branch of the Dubai Land Department that was established by H.H. Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the UAE (DLD). It offers everyone involved in Dubai’s real estate industry a clear and practical legal framework.
The organization puts a lot of effort into creating an online community for renters, purchasers, property developers, and real estate investors. Additionally, it makes it easier for auxiliary industries like banks, law offices, and insurance to collaborate with one another.
What are the Core Responsibilities of RERA?
The primary responsibilities of RERA include:
- Licencing real estate agencies in Dubai
- Regulating trust accounts of real estate developers
- Registering and regulating lease agreements
- Supervising the associations of owners managing various buildings in the emirate
- Publishing studies for the property sector
- Supervising property advertisements in the mass media
- Licencing real estate exhibitions to foster national participation in the emirate’s realty sector.
- Informing people of regulatory acts pertaining to buying or renting real estate.
To ensure the transparency of real estate transactions, RERA has introduced the following forms:
- FORM A: Agreement between the listing agent and seller
- FORM B: Agreement between a property buyer and agent
- RERA FORM F: Agreement between a property buyer and seller
RERA Smart Initiatives
The agency cooperates with the DLD, and the two organizations have jointly introduced a number of smart applications to make life easier for everyone connected with the real estate industry and the RERA rules in Dubai. The top five real estate technologies introduced by DLD are listed below.
The Dubai REST app (Dubai Real Estate Self Transaction) offers tenants, owners, and other service providers a one-stop shop for all their needs. The app provides a secure way to handle real estate activities. It was launched by DLD under the direction of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. You can transact in real estate, get details about the city’s real estate market, and access other DLD services with this app.
Another smart application from the DLD, Dubai Brokers, gives users accurate and up-to-date information about authorized real estate brokers in Dubai and their offices. Additionally, it rates brokers based on their citizenship, effectiveness, and ability to sell homes. To increase efficiency and the timeliness of service delivery, the Dubai Brokers app also confirms ownership certificates. In Dubai, there are numerous real estate apps that are beneficial to use.
Smart Investment Map (SIM)
A digital tool called Smart Investment Map (SIM) was created to list and search for homes for sale and rent in Dubai. It offers a variety of e-services that let you pick a property, get in touch with property owners, and conduct transactions online.
Ejari, a smart leasing management tool from DLD, specializes in managing leasing activities. This tool can be used by property management companies, property owners, and even the owner’s agent to manage the leases from any location at any time. Additionally, it makes it easier for customers to register their Ejari contracts online and minimizes the time and expense associated with doing so for rental contracts.
Smart Judge Service
The Smart Judge service informs all parties of a rental agreement of their legal rights with regard to Ejari and lets them know if they have the right to bring a lawsuit or not. Additionally, it renders virtual judgments in response to the last request for legal counsel and offers free legal advice on Dubai’s rental industry. You need to take the following action to start this service.
- Visit DLD’s website
- Select RDC
- Choose ‘Smart Judge’ from the drop-down menu
- Proceed to service
RERA Dubai Contact Info
- Location: Baniyas Road, Deira
- Timings: Monday to Thursday: 07:30 am to 03:30 pm | Friday: 07:30 am to 12:00 pm | Saturday and Sunday: Closed
- Contact Number: +971-800-4488
Also Read: The RERA simplifies rental property laws