The much awaited clean-up job in Dubai's real estate sector has finally taken off with a number of reform measures that will eliminate wrong-doers and reinforce public confidence in Dubai's booming real estate.
The newly-established Real Estate Regulatory Agency (Rera) has already identified loopholes and is plugging them. Among the measures taken are a comprehensive property price and rent index, standardising the purchase contracts, eliminating the freelance brokers and regulating them.
Rera has licensed 420 property developers, 1,110 brokerage firms and 1,800 individuals who are now legally eligible to represent buyers and sellers in the market. By enacting the Trust Account Law, the Condominium Law and the Rent Law, the government is also creating the right legal framework to support the reform moves that are likely to produce a benchmark for other emirates and states in the region. The move comes as part of a comprehensive reform package to clean up Dubai's booming property sector and boost investor confidence.
Marwan Bin Ghalita, Chief Executive of Rera, said that his organisation will periodically nominate training institutes for broker education and skills development while conducting annual examinations, which they will have to pass, to renew the licences.
