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New Dubai Real Estate Laws Makes Buying Safer

  • 17 years ago
  • Uncategorized
Recent moves by Dubai’s Real Estate Regulatory Agency or RERA will insure that mortgages taken out for property in Dubai will be fully insured and registered could slow the buying process down in Dubai. At the same time one overseas property expert feels that the new regulations will serve to further increase confidence in the housing market.
 
The latest laws see regulation toward an even safer mortgage industry in Dubai. Mortgages may only be sold by a registered financial institutions and all must be fully insured. Mortgages need to be registered with the Land Department giving details of the size of the mortgage and the value of the property being mortgaged.
 
The overseas property website Homesgofast.com director Nicholas Marr ‘ The advantage of starting a housing market from scratch is that you have the benefit of learning from the bad experiences of others and it seems that RERA are taking wise precautions in introducing a succesion of new regulations.’
 
The introduction of RERA in July 2007 was the first major step for Dubai in achieving greater control of a market that seems to have no limits. The body is part of the Dubai Land Department which has its own financial and administrative independence with full legal authority to regulate the real estate sector in Dubai.
 
Since its inception the agency has been very busy and it seems to me that each move has made buying property in Dubai even safer.
 
RERA is responsible for 
 
  • Licensing all real estate activities.
  • Managing real estate developers’ trust account.
  • Licensing and organizing real estate agents.
  • Regulating and registering rental agreements.
  • Regulating and supervising the owners associations.
  • Regulating real estate advertisements in the media.  
  • Regulating and licensing real estate exhibitions.
  • Publishing official research and studies for the sector.
  • Enhancing national participation in the real estate sector.
  • Increasing real estate awareness.
 
 
It seems that Dubai housing market is set to become one of the safest in the world.
 
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