His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has issued a new law related to Dubai’s Real Estate Regulatory Agency (RERA).
Dubai Land Department (DLD) will replace RERA in registering real estate rental contracts and regulate the relationship between property owners and tenants and any other matter related to real estate rental contracts.
The new law requires RERA to work in the interest of developers and investors and contribute to the development of Dubai’s real estate sector enhancing the sector’s contribution to Dubai’s economy.
RERA is responsible for regulating and overseeing real estate development escrow accounts, accrediting financial institutions that are qualified to manage real estate development escrow accounts, and approving regulations that govern development, brokerage and management of real estate including joint property.
RERA is required to update policies to balance supply and demand.
Under this law, the Chairman of The Executive Council of Dubai will appoint the CEO of RERA and will also issue the regulations and resolutions required for the implementation of the provisions of the law.
The new law will come into effect once it is published.