New licensing rules for real estate agents are being introduced in Dubai for 2009. A new agreement put forth by the Department of Development and Dubai’s Real Estate Regulatory Authority will make agents and their work more transparent. Those who currently operate a real estate brokerage or want to open a new agency will have to apply for a license and meet new criteria to operate. The aim of the new system is to make licensing more transparent and easier for those involved in the Dubai real estate sector.
Applicants for licenses will also have to undergo training and attend RERA classes, according to the chief executive of RERA. “Operators will need to be over 18, to have a good conduct certificate by CID, must pass the RERA training course and the manager must be certified and trained by RERA. It will all be embedded within the system. There will be no more freelancers in the market,” said Marwan Bin Galita.
Additionally, from January 1 all lease agreements will have to be registered. RERA will prepare a final rental index based on the different zones in Dubai, which will act as a guideline for landlords and renters.
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