RERA Dubai

It's not the stockmarket but seems to be such a hot topic that it deserved a section here.

RERA Dubai

Postby sharewadi » Tue 21 Aug 2007 10:34

RERA is the Real Estate Regulatory Agency in Dubai (not Real Estate Regulatory Authority). RERA is different from the Dubai Lands Department (DLD) although both agencies are involved in issues to do with property and real estate purchases and rentals. The RERA website is at www.rpdubai.ae but rera.ae & rera.gov.ae get you there also.

[edit] See also RERA Abu Dhabi - to be established in 2009 [/edit]

Have you dealt with RERA? What were they like? Any suggestions for others going to visit RERA? Add your comments to this topic :).

There was a comment about the Dubai Rent Cap in the Gulf News, saying that it would be reviewed by RERA and we'd know about it in December 2007 for 2008. They also quoted "a source" saying the rent cap would either remain the same or be relaxed.

There was also a report about Dubai real estate brokers needing to be licenced, and ranked.

[source="Press Release 20 August 2007"]Real Estate Regulatory Agency outlines its rolls and objectives at Dubai Property Group meeting

Dubai Property Group (DPG), Dubai's only real estate professional association, today hosted Dubai's recently established Real Estate Regulatory Agency (RERA), at its monthly networking event.

His Highness Sheikh Mohammed Bin Rashid Al-Maktoum UAE Vice President, Prime Minister and Ruler of Dubai launched RERA on July 31st 2007 as a service agency under the Dubai Land Department with its own financial and administrative independence to regulate Dubai's real estate sector.

Marwan Bin-Ghalita, Chief Executive Officer (CEO) of RERA presented the Agency's mandate to over 250 DPG members and other high ranking real estate professionals, outlining RERA's areas of operation and future plans.

'RERA was established and launched as a part of Dubai's 2015 vision for economic development and falls in line with the current developments within the real estate sector,' said Bin-Ghalita. 'As a government entity under the Land Department, RERA's main objective is to establish the foundation for a globally attractive real estate sector that satisfies and guarantees all stakeholders' rights and expectations.'

Bin-Ghalita highlighted RERA's main responsibilities within a framework of eight specific areas which include: licensing all real estate activities, managing developers' trust account, licensing and organizing real estate agents, regulating and authenticating rental agreements, regulating and supervising owners' associations, regulating real estate related media advertising, regulating and licensing real estate related exhibitions, publishing and circulating official sector research and studies, enhancing national participation in the real estate sector and increasing real estate awareness.

The formation of RERA comes at a time when land sales in Dubai are continuing an upward trend where in 2006 total land sales registered by the Dubai Land Department topped AED65 billion. So far in 2007, land sales have exceeded AED 46 billion, which amounts to 71 percent of last year's number.

'RERA was set up to become the one address for the real estate community to refer to, whether they practice their operations in Dubai proper or in any of the designated free zones around the Emirate,' said Adel Lootah, Executive Director of Dubai Property Group. 'DPG will work cooperatively with RERA to create awareness about Dubai's property market and to attract regional and foreign investors to participate in this lucrative sector.'

DPG recently merged with the Dubai Chamber of Commerce and Industry's (DCCI) 'Real Estate & Property Business Group' in a joint effort to further promote Dubai's booming real estate sector. The combined group operates under the DPG name and works together to represent, protect and promote the interests of Dubai's real estate community.

DPG represents the combined interests of Dubai's real estate community. It aims to establish standards of best safe industry practices and create a framework of debate and decision-making on related real estate issues, which determine the future of real estate sector.

About Dubai Property Group (DPG)

Dubai Property Group (DPG) is an association of professionals involved in the fast-growing real estate market in Dubai. The Group is made up of prestigious members involved in property development and management as well as real estate agents, brokers, financial institutions, media organizations and land owners. DPG recently merged with the Dubai Chamber of Commerce and Industry's (DCCI) 'Real Estate & Property Business Group' in a joint effort to further promote Dubai's booming real estate sector. The combined group operates under the DPG name and works together to represent protect and promote the interests of Dubai's real estate community.

DPG Mission

DPG was set forth with a mission to create an association of real estate professionals in Dubai for the purpose of developing strong inter-industry ties and energize business relationships through networking events, informative lectures and seminars and collaboration on industry issues that serve the benefit of all in the real estate industry.[/source]
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Dubai residence visas

Postby sharewadi » Wed 16 Jul 2008 15:55

Question asked in the HSBC Dubai property report topic ...

matrix2 wrote:recently rera has issued a statement that buying freehold property does not necessarily guarantee one a residence visa contrary to what was being followed till now. will not this have an impact on the willingness of investors to invest in dubai property in the future.

Yes, I'd heard that and wondered what all the fuss was about. As far as I know, that statement is not contrary to any previous information. Buying a property was never a guarantee of a residence visa, it just meant you could apply for one. The Dubai immigration department decides on eligibility. I'm not aware that anything has changed.

I think what the statement was trying to clarify was that real estate agents that advertise properties that automatically, or are guaranteed to, come with residence visas, could be misleading their customers.
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