Dubai: New Law On Real Estate Regulatory Agency

A new law has been issued by Dubai’s Ruler and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum restructuring the Real Estate Regulatory Agency (RERA).

Under the law, the Dubai Land Department will replace RERA in registering real estate rental contracts and regulating the relationship between property owners and tenants and any other matter related to real estate rental contracts.

In accordance with the law, RERA is 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.

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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.

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