Sheikh Mohammed issues new law on Dubai’s RERA
As you probably know, Dubai has one of the best and compassionate governments in the world. Actually, the government of Dubai has been always doing its best to improve different sectors of the country through setting laws or changing the existing ones.
Dubai has one of the most giant real estate markets in the world. In fact, this industry has an important role in the economy of Dubai. So, the rules related to real estate are of vital importance. This time, Sheikh Mohammed has come up with a law in order for the real estate industry to make more progress.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Sunday has issued a new law. To be more precise, the new law is related to Dubai’s Real Estate Regulatory Agency (RERA).
Rebuilding the legal provisions of the agency is part of the new law. Based on the new law, the goals of RERA include contributing to some of the developments of Dubai’s real estate sector. The RERA also aims to enhance the real estate’s contribution to the economy of Dubai. In fact, it will focus on the real estate sector of Dubai with the goal of improving the economy of Dubai.
Besides, one of the aims of RERA is to create a safe environment for real estate projects where the rights of developers and investors are protected. It will allow them to explore new real estate opportunities.
According to this law, RERA is responsible for:
- Overseeing the escrow accounts of real estate development
- Accrediting financial institutions
- Approving regulations that govern development
- Brokerage and management of real estate (such as joint property)
- Controlling real estate advertisements in media outlets
- Educating people about their rights through launching awareness programs
- Preparing policies to balance supply and demand in the market
The new law will be published in the Official Gazette and will be enforced on the same day.
Therefore, according to what has been discussed above, we will witness more progress in the real estate industry of Dubai in the coming future. All of these show that in terms of real estate, the UAE is a leader not only in the region, but also in the world.
Recently, in the real estate market of Dubai, there has been some ups and downs resulting in lower prices for the properties. This means that the market has been recently more buyer-friendly. In comparison to other main cities, property prices in Dubai have been much lower. The properties of Dubai and the UAE are now among the most desirable ones. So, Dubai is the best place and NOW is the best time to invest in real estate.
*Most of the information brought in this article was based on the reports of Khaleej Times website.