Dubai: The Dubai Land Department will now be responsible for registering all rental contracts in Dubai, taking over the role from RERA (Real Estate Regulatory Agency). This way, it will also regulate the relationship between property owners and tenants and any other matter related to real estate rental contracts.
It follows a new Law regarding the operational role of RERA, issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai.
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 the economy. It will work to provide a “secure environment for projects in order to protect the rights of developers and investors, implement new projects and programmes that enable them to explore new opportunities and promote professional and ethical standards in the industry”.
A new CEO will also be appointed, by the Chairman of The Executive Council of Dubai. The new Law substitutes Law No. (16) of 2007.
■ RERA will regulate and oversee escrow accounts at ongoing projects; give accreditation to financial institutions qualified to manage escrow accounts; and approve regulations that govern development, brokerage and management of real estate.
■ The Authority will also monitor property advertisements published in media outlets in the emirate, and also update policies designed to balance supply and demand.