In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, has issued Law No. 4 of 2019 on the `` Real Estate Regulatory Agency '' as a public institution, to be attached to the Dubai Land Department.
The new law included a reorganization of the legal provisions of the Corporation, which was established by Law No. (16) of 2007. The law defines a set of important objectives of the Foundation in the forefront of contributing to the advancement of the real estate sector within an integrated system of regulatory and control measures that enhance its role in the overall economic development of the Emirate. To provide a safe and supportive environment for real estate development projects to protect the rights of real estate developers and investors, keep pace with the steady growth of the real estate sector and all related activities, enhance the role of citizens in this sector, It also entrenches the principles and ethics of practicing real estate activities and develops the relevant charters.
The law granted the institution a set of powers, including: the organization of real estate development guarantee accounts, supervision and supervision, and the adoption of qualified banking and financial institutions to manage these accounts, and the adoption of rules governing practitioners of the real estate development profession, and the sale and rental of real estate, real estate brokers, real estate appraisal and joint real estate.
The Corporation is also responsible for organizing and licensing real estate activities, supervising and supervising the practitioners of these activities, in order to ensure their compliance with the legislation governing the sector. The regulations necessary for the training and qualification of workers in the establishments authorized to work in real estate activities through the Dubai Real Estate Institute of the Land and Property Department, as well as the registration of practitioners of real estate activities in the Jallat prepared in this regard, and the issuance of identification cards for individuals engaged in real estate activities.
RERA also considers complaints against real estate practitioners, investigates them, takes appropriate actions and decisions, supervises, supervises and inspects the operation, management and maintenance of joint properties, joint parts and facilities to ensure their sustainability, and audit reports, accounts and records in accordance with the legislation. Approving real estate development projects in the Emirate, monitoring the completion rates, and issuing the necessary decisions and recommendations in accordance with the legislation in force and in coordination with the concerned authorities and committees. The affair.
The Corporation has the right to issue the necessary approvals for the content of real estate advertisements in the emirate, including special development zones and free zones including the DIFC, to supervise and supervise them in coordination with the competent authorities in the emirate, and to prepare and implement programs and projects that contribute to enhancing the role of citizens in the real estate sector. Developing and implementing educational and awareness programs on the rights and duties of the parties involved in the real estate sector, in coordination with Dubai Real Estate Institute, in addition to preparing and updating policies and studies to achieve a balance between And demand in the real estate market, and submit them to the Director General of the Department of land and property in Dubai for approval in preparation for adoption in accordance with the legislation in force in the emirate.
The Executive Director of RERA is appointed by a decision of the Chairman of the Executive Council of the Emirate of Dubai, and supervises the business and activities of the Foundation to ensure the achievement of its objectives.
The Chairman of the Dubai Executive Council shall issue the necessary decisions to implement the provisions of this law, which supersedes Law No. (16) of 2007 on the establishment of the Real Estate Regulatory Authority. The Department of Lands and Property shall replace the Corporation in the exercise of the functions related to the registration of leases and regulating the relationship between lessors and tenants and other related functions. Relationship with leases, as stipulated in the legislation in force in the Emirate. Any provision of any other legislation shall be repealed to the extent that it contradicts the provisions of this law. The law shall be published in the Official Gazette and shall come into force from the date of its publication.