New Dubai Property Regulations

Dubai real estate agents will be under stricter legislation now, thanks to new initiatives from the Real Estate Regulatory Authority (RERA) and Dubai Real Estate Institute (DREI).  These two bodies have created a new regulation in the property sector that will make it compulsory for all property agents in Dubai to possess the right qualifications to sell Dubai real estate.  With so many real estate agents operating in the market that do not meet the necessary qualifications, this new law will better protect potential buyers.

Real estate is a now one of Dubai’s busiest sectors, with so many residential and commercial projects on the market.  There are so many sellers in the market to go with all these projects, and many property buyers are not familiar with the developments, or the pros and cons of what they are buying.  Investors should have full information before buying a property, and many property agents do not and sometimes cannot, provide all the information that is necessary for a potential investor to buy confidently.

Property prices in Dubai have now escalated to very high levels, and with investors making million dirham deposits, there is a severe need for stringent regulation.  RERA has now announced that there are courses available for individuals to become fully qualified through DREI.  With masters in real estate development and a new masters in real estate finance and investment available from next year, any individual that wishes to sell real estate in Dubai that doesn’t already have the right qualifications will have to attain one of these qualifications.  While this may sound like harsh measures to implement, the amount of illegitimate property transactions that has been and is currently occurring in the market has cost many unlucky people a lot of money.  Hopefully, this new measure will bring a lot more confidence to investors, and secure RERA’s position as a regulatory body with the buyer’s interests in mind.

Are you looking to buy or sell Dubai property? Contact us for more info on how to do this.
 

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