Whether you are buying, selling, or renting property in Dubai, it is essential to familiarize yourself with the Real Estate Regulatory Agency (RERA). Established to regulate Dubai’s property sector, RERA plays a crucial role in ensuring transparency, accountability, and the overall growth of the market.
In this article, we will provide you with an overview of RERA Dubai, its functions, services, and the benefits it offers to both buyers and sellers.
RERA was established in 2007 under the Dubai Land Department (DLD) whose primary objective is to regulate and supervise the real estate sector in Dubai, ensuring fair practices, protecting the rights of stakeholders, and fostering a transparent and sustainable market.
RERA’s functions and responsibilities include:
a) Licensing:
RERA is responsible for issuing licenses to real estate companies, brokers, and developers.
b) Regulation and compliance:
RERA establishes and enforces regulations, standards, and guidelines for real estate transactions, ensuring compliance by all stakeholders. This includes monitoring contracts and escrow accounts.
c) Rental dispute resolution:
RERA provides a platform for resolving disputes between landlords and tenants through its dedicated Rental Dispute Settlement Centre. This offers a streamlined process to address grievances and reach amicable solutions.
d) Supervising owners associations and real estate companies registered to manage jointly owned properties in Dubai.
e) Real estate investor visa applications:
Facilitating applications for UAE visa through real estate investment, including the 10-year UAE Golden Visa for property investments valued AED 2 million or more, five-year retirement visa for property investments valued AED 1 million or more, and two-year real estate investor visa for property investment valued at AED 750,000 or more.
f) Rera also monitors the accuracy of property advertisements published in the media and will work with the Dubai Real.
RERA Dubai has introduced various smart services that have made real estate experience transactions in the emirate much more convenient and efficient. These cutting-edge digital solutions streamline processes such as property registrations, license applications, and complaint submissions.
a) Ejari System
RERA introduced the Ejari system as a digital registration platform for rental agreements. This system ensures that all rental contracts are registered, providing legal protection for both landlords and tenants. Moreover, the Ejari system simplifies rental procedures and reduces the need for physical paperwork, as contracts can be registered and managed online.
b) Dubai REST
The DUBAI REST app is an innovative mobile application that aims to enhance transparency and provide valuable information to property owners, tenants, investors, and industry professionals. The app offers real-time information on off-plan projects, including completion percentage, project pictures, and escrow account details. It provides a comprehensive real estate wallet for property owners, facilitates property transactions, and offers details on brokers, valuation companies, and more. Users can access services like rental disputes, valuation certificates, and payment through the app. It supports electronic payments via Noqodi and is available in Arabic and English on Android and Apple stores.
c) Smart Judge App
RERA Dubai’s Smart Judge service offers free legal advice to customers, providing important information about their rights before they proceed with a lawsuit. The service is accessible via DLD the website, where users can choose the service, submit the required data, and then view the information that they need.
d) Rent Calculator
The RERA rent calculator is a valuable tool for property tenants and owners to estimate rental prices in different areas of Dubai, offering a benchmark for fair rental rates. The rent calculator provides the estimated amount of increase you can expect for your rental home based on the RERA rental index, which is updated yearly.
Also read: What you need to know about the RERA Rental Increase Calculator
RERA Dubai plays a vital role in regulating and enhancing Dubai’s real estate sector. Understanding its functions, services, and initiatives will help buyers, sellers, landlords, and tenants navigate the real estate market with confidence, knowing that their rights and interests are protected.
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