Dubai Property Group (DPG), Dubai’s only real estate professional association, today hosted Dubai’s recently established Real Estate Regulatory Agency (RERA), at its monthly networking event. His Highness Sheikh Mohammed Bin Rashid Al-Maktoum UAE Vice President, Prime Minister and Ruler of Dubai launched RERA on July 31st 2007 as a service agency under the Dubai Land Department with its own financial and administrative independence to regulate Dubai’s real estate sector.
Marwan Bin-Ghalita, Chief Executive Officer (CEO) of RERA presented the Agency’s mandate to over 25o DPG members and other high ranking real estate professionals, outlining RERA’s areas of operation and future plans.
“RERA was established and launched as a part of Dubai’s 2015 vision for economic development and falls in line with the current developments within the real estate sector,” said Bin-Ghalita. “As a government entity under the Land Department, RERA’s main objective is to establish the foundation for a globally attractive real estate sector that satisfies and guarantees all stakeholders’ rights and expectations.”
Bin-Ghalita highlighted RERA’s main responsibilities within a framework of eight specific areas which include: licensing all real estate activities, managing developers’ trust account, licensing and organizing real estate agents, regulating and authenticating rental agreements, regulating and supervising owners’ associations, regulating real estate related media advertising, regulating and licensing real estate related exhibitions, publishing and circulating official sector research and studies, enhancing national participation in the real estate sector and increasing real estate awareness.
The formation of RERA comes at a time when land sales in Dubai are continuing an upward trend where in 2006 total land sales registered by the Dubai Land Department topped AED65 billion. So far in 2007, land sales have exceeded AED 46 billion, which amounts to 71 percent of last year’s number.
“RERA was set up to become the one address for the real estate community to refer to, whether they practice their operations in Dubai proper or in any of the designated free zones around the Emirate,” said Adel Lootah, Executive Director of Dubai Property Group. “DPG will work cooperatively with RERA to create awareness about Dubai’s property market and to attract regional and foreign investors to participate in this lucrative sector.”
DPG recently merged with the Dubai Chamber of Commerce and Industry’s (DCCI) ‘Real Estate & Property Business Group’ in a joint effort to further promote Dubai’s booming real estate sector. The combined group operates under the DPG name and works together to represent, protect and promote the interests of Dubai’s real estate community.
DPG represents the combined interests of Dubai’s real estate community. It aims to establish standards of best safe industry practices and create a framework of debate and decision-making on related real estate issues, which determine the future of real estate sector.
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