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As per a new law, the Real Estate Regulatory Agency (RERA) in Dubai will be replaced by Dubai Land Department (DLD) 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.
The new law, which was issued by Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, also restructures the legal provisions of the agency.
According to a statement, the objectives of RERA now 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.” RERA will also 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”.
As part of its wider role, RERA will regulate and oversee escrow accounts at ongoing projects, provide accreditation to financial institutions qualified to manage escrow accounts, and approve regulations that govern development, brokerage and management of real estate, including joint property.
RERA will also monitor real estate advertisements published in media outlets, develop and launch awareness programmes in collaboration with the Dubai Real Estate Institute, and prepare and update policies designed to balance supply and demand.
RERA will also have a new CEO, appointed by the Chairman of The Executive Council of Dubai.
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