Real Estate Regulatory Agency Announces its Goals and Objectives for Property in Dubai
Dubai Property Group (DPG), Dubai's real estate professional association, introduced the newly established Real Estate Regulatory Agency (RERA), at its monthly networking event yesterday.
His Highness Sheikh Mohammed Bin Rashid Al-Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai launched the new Real Estate Regulatory Agency or RERA as a service agency for the Dubai Land Department. The agency will act as an independent body as a financial and administrative arm to regulate Dubai's real estate sector.
Marwan Bin-Ghalita, Chief Executive Officer (CEO) of RERA presented the Agency's mandate which outlined RERA's area 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.'
RERA's primary responsibilities will consist of eight specific areas which will 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 agency comes at a time when a huge surge in land sales is seeing continual growth in Dubai. Real estate reports show land sales totaling AED65 billion in 2006 and investment news shows 2007 figures have already exceeded AED 46 billion.
'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.' Obelisk International’s Sales & Marketing Director Kevin Prior stated ‘This is an exciting time for real estate in Dubai, the new licensing agency represents an excellent way forward for real estate in Dubai and will act as a safeguard for the industry, as well as for property investors who take advantage of a first class, overseas property investment opportunity.’
For more information on property investment opportunities and to findout about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670 or email info@obeliskinternational.com
Or visit our website: http://www.obeliskinternational.com/
If you wish to see the original article please click here
His Highness Sheikh Mohammed Bin Rashid Al-Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai launched the new Real Estate Regulatory Agency or RERA as a service agency for the Dubai Land Department. The agency will act as an independent body as a financial and administrative arm to regulate Dubai's real estate sector.
Marwan Bin-Ghalita, Chief Executive Officer (CEO) of RERA presented the Agency's mandate which outlined RERA's area 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.'
RERA's primary responsibilities will consist of eight specific areas which will 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 agency comes at a time when a huge surge in land sales is seeing continual growth in Dubai. Real estate reports show land sales totaling AED65 billion in 2006 and investment news shows 2007 figures have already exceeded AED 46 billion.
'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.' Obelisk International’s Sales & Marketing Director Kevin Prior stated ‘This is an exciting time for real estate in Dubai, the new licensing agency represents an excellent way forward for real estate in Dubai and will act as a safeguard for the industry, as well as for property investors who take advantage of a first class, overseas property investment opportunity.’
For more information on property investment opportunities and to findout about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670 or email info@obeliskinternational.com
Or visit our website: http://www.obeliskinternational.com/
If you wish to see the original article please click here
posted by Chris at 11:26 am
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