Sheikh Mohammed issues new law on Dubai’s RERA
As published by Khaleej Times
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Sunday issued a law pertaining to Dubai’s Real Estate Regulatory Agency (RERA).
The new law includes restructuring the legal provisions of the agency. According to the new law, the objectives of RERA include contributing to the development of Dubai’s real estate sector within an integrated system of regulatory and monetary procedures and enhancing the sector’s contribution to Dubai’s economy.
Furthermore, RERA will work to provide a secure environment for real estate projects in order to protect the rights of developers and investors, implement new projects and programmes that enable them to explore new real estate opportunities and promote professional and ethical standards in the industry.
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.
RERA also monitors real estate advertisements published in media outlets in the emirate, develops and launches awareness programmes in collaboration with the Dubai Real Estate Institute to educate the public about their rights and responsibilities, and prepares and updates policies designed to balance supply and demand.
This law will be published in the Official Gazette and will come into force on the day on which it is published.
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