Dubai: The Real Estate Regulatory Authority (ReraA) has signed a memorandum of understanding (MoU) with the Royal Institute of Chartered Surveyors (RICS) to boost real estate professionalism in Dubai.
Through the MoU, RICS will help Rera establish certain criteria for property professionals to conform to.
"This MoU is one of several that Rera is currently working on to increase regulations, thus making Dubai's real estate more attractive and establish Rera's role as the reference for real estate in the Middle East," Mahmoud Alburai, director of real estate development at Rera, said.
In light of recent problems involving some smaller developers such as Al Barakah, and that buying and selling activity is low due to nervous investors, it seems a good time to introduce further regulation.
As global markets contract, the importance of quality and transparency through regulation is a prerequisite, according to Alan England, RICS director for the MENEA region.
Rera senior officials attended a property event recently hosted by Schon Properties to discuss market conditions and Dubai's future real estate industry.
