Real Estate Regulatory Agency
RERA (Real Estate Regulatory Agency) is the regulatory arm of the government Dubai Land Department, which provides support to the department by authorizing and regulating the relationship between companies handling properties and residential buildings, it’s a head agency that plays key role in regulating the work of real estate brokers and real estate owners associations. This agency sets legislations to regulate the relationship between contracting parties and to manage the exchange process of properties in Dubai real estate sector.
RERA was established on 31 July, 2007 by the Dubai’s Ruler, Vice President and Prime Minister-His Highness Sheikh Mohammed Bin Rashed Al Maktoum. With the cooperation of a qualified national staff, the RERA has managed to register almost every single real estate brokerage company and real estate development in the emirate.
What are the responsibilities of RERA?
As head agency and arm of the Dubai Land Department, RERA is responsible for:
- Regulating the real estate sector in Dubai.
- Helping in establishing Real Estate sector’s policies.
- Regulating the activities of organizations and companies that manage residential compounds.
- Regulates the activities of Real Estate Brokers and the Owners Associations.
- The Agency also issues the rules and regulations that certify activities of brokerage, rental contract registration and certification.
- Authorizing license for real estate development entities.
Role of RERA in Dubai Real Estate Market
In order to fulfill the responsibilities, RERA has established a legislative framework that administers the relation between the contractual parties, assuring their rights and regulating their duties and commitments through legislations. Particular mechanisms and regulations were settled to regulate investment activities in the sector in such manner that attain highest returns. RERA hired professionally qualified and trained national staff to efficiently provide expert services, and is keen on supervising all development projects in emirate on a financial and professional level in order to protect the wider interests of the potential investors and Dubai property market alike.
Its major aim is to make the entire process extremely transparent with an attempt to eliminate any type of property frauds. RERA has built up an online society that makes it possible to coordinate investors, buyers and developers with each other as well as with other supporting sectors like law firms, banks, and insurance companies. It helps this industry to develop strategies and regulating activities for brokers, owner associations, property management organizations, and property consultants that are taking part in purchasing, selling, and renting of residential assets in Dubai. Real estate regulatory agency is the legal organization that also issues rules and regulation to set standards for brokerage activities, registration of lease certifications and contract. Moreover, it also issues license for real estate development professionals.
How to check an agent is RERA registered?
When buying or leasing through a real estate broker beware of scams and frauds, which, unfortunately are very common in Dubai. Every broker or Real Estate agency must be registered with RERA. In order to confirm whether the broker or Real Estate agency is authorized, you can request them to send you a copy of their RERA ID approved by government of Dubai.
We are RERA certified
Greenhouse Real Estate is the best real estate agency in Dubai approved and certified by Real Estate Regulatory Agency (RERA). Priding ourselves on being familiar with the ins and outs of the local property market, our qualified team of agents are professionally trained and committed to providing our clients with a professional service, financial solutions and legal advice on the real estate market in the emirate. Whether you are looking to rent or buy property or looking for a buyer for your home, Greenhouse promises to provide clients with the highly efficient and cost-effective service.