Are you a resident looking for an apartment to rent? Or perhaps you’re an investor who is planning to buy real estate in Dubai? Either way, you’ll need to know more about the Real Estate Regulatory Agency (RERA), along with its rules and regulations for renters, landlords, agents, brokers, and everyone else who is involved in real estate.
Notably, RERA is the regulatory arm of the Dubai Land Department (DLD), a government-run entity that manages and monitors all activities within the real estate sector. This includes the buying and selling of property, as well as the settlement of real estate disputes. Keep on reading to learn more about RERA Dubai!
- What is RERA?
- Roles or Functions of RERA
- Who Needs to Register with RERA?
- Benefits of Registering with RERA
- Forms Used by RERA
- Dubai REST Mobile App
- RERA Rental Calculator
- Video: RERA Rental Index Calculator
- Frequently Asked Questions (FAQs)
- Contact Information: Dubai Land Department
- Google Map Location
What is RERA?
Without a doubt, Dubai is one of the most dynamic cities globally, with people coming from all over the world for work, tourism, and business opportunities. New properties — residential, commercial, industrial, and so on — are being built all the time. And when it comes to real estate, the property market in Dubai is regulated by the Real Estate Regulation Agency (RERA).
In 2007, the Dubai Land Department established RERA to draft policies, laws, and to regulate the property sector in Dubai. Among other things, the agency seeks to uphold the rights of property owners, tenants, and real estate agents, too. Recently, to make things more convenient, RERA has introduced online platforms for property sellers, buyers, landlords, tenants, and all other stakeholders.
Roles or Functions of RERA
The primary roles or responsibilities of RERA are as follows:
- Licensing of real estate agencies;
- Licensing of real estate exhibitions;
- Publication of studies for the property sector;
- Registration and regulation of lease agreements;
- Regulation of trust accounts of real estate developers;
- Supervision of property advertisements in mass media;
- Spreading information about laws on buying and renting property; and
- Supervision of associations of owners that manage various buildings in Dubai.
Who Needs to Register with RERA?
All brokers and real estate agents in Dubai must be licensed by RERA. In particular, real estate agents need to pass a written exam and undergo a background check, as part of applying for a license with RERA.
Likewise, all property developers who plan to sell and market properties must register their real estate projects with RERA. Their duties involve providing buyers with a sales contract, which includes information such as the price of the property, payment schedule, and other relevant details.
Benefits of Registering with RERA
When a broker, real estate agent, or property developer registers with RERA, they can look forward to the following benefits from the agency:
- Guidance and support from RERA staff;
- Access to RERA’s database of registered properties and licensed agents;
- Promotion of properties and real estate projects on the RERA website; and
- Legitimisation of businesses and projects, thus boosting customer confidence.
Forms Used by RERA
To help ensure the transparency of transactions among property sellers, real estate agents, buyers, and tenants, RERA has introduced the following forms, which are used when creating agreements between parties:
- Form A – Agreement form between a property seller and real estate agent;
- Form B – Agreement form between a property buyer and agent;
- Form F – Purchase agreement (MoU) between buying and selling parties;
- Form I – Contract form between buyer and seller agents; and
- Form U – Form for terminating any deal or contract between buyers and sellers.
Dubai REST Mobile App
The Real Estate Regulatory Agency (RERA), and the entire Dubai Land Department (DLD), for that matter, are constantly seeking ways to make things easier for property buyers, sellers, landlords, tenants, and everyone else in the property sector.
Hence, the DLD has introduced the Dubai REST mobile application, wherein the acronym “REST” stands for “Real Estate Self Transaction.” This app serves as a one-stop solution for all things related to real estate.
Using the Dubai REST mobile app, stakeholders can perform the following:
- Conduct real estate transactions (e.g. buying, selling, renting);
- Use the RERA Calculator to find out sales and rental index;
- View information about real estate offices, certified brokers, and performance charts;
- Access various services on real estate (e.g. certification of applications, rental disputes); and
- Access information about real estate projects (e.g. actual photos, percentage of completion).
RERA Rental Calculator
As mentioned earlier, among the features of Dubai REST is the RERA Calculator. Basically, you can use this to calculate the average rental for a property, and to help determine whether or not there will be a rental increase.
Before using the RERA Calculator, you need to have the following details ready:
- Property type (e.g. residential, commercial, industrial, etc.);
- Property type (e.g. apartment, villa, etc.);
- Location (i.e. is it a freehold property?);
- Expiration date of current contract;
- Total number of bedrooms; and
- Current annual rent.
After gathering the above details, follow these steps to using the RERA Calculator:
- Log into the Dubai REST mobile app.
- Open “Rental Increase Calculator.”
- Select the type of property.
- Enter the necessary details.
- Click “Calculate Rental Increase.” That’s it! The screen will show the predicted increase in rental price.
Video: RERA Rental Index Calculator
To have a better idea about the RERA Rental Increase Calculator, check out this video shared on YouTube by Homes 4 Life Real Estate Dubai. This is is a real estate company specialising in residential and commercial sales, as well as rental of properties in Dubai, Abu Dhabi, and other parts of the UAE. The video serves as a helpful guide to using the RERA Rental Calculator.
Frequently Asked Questions (FAQs)
Below are some frequently asked questions and answers about RERA Dubai:
1. What is RERA?
The Real Estate Regulation Agency (RERA) is the regulatory arm of the Dubai Land Department (DLD). Established in 2007, the agency drafts policies, laws, and regulates the property sector of Dubai. It coordinates with property owners, buyers, tenants, and real estate agencies to ensure that policies are followed accordingly.
2. What does RERA do?
Among the roles and functions of RERA is the licensing of real estate agencies, conduct of studies on the property sector, registration and regulation of lease agreements, supervision of property ads in mass media, and other responsibilities.
3. Who needs to register with RERA?
All real estate agents and brokers in Dubai need to be registered with RERA. The same goes for all developers who are planning to sell and market properties.
4. What are the benefits of registering with RERA?
Being registered with RERA is proof that a broker, real estate agent, or property developer is legit; thus, gaining customer confidence. Furthermore, a RERA-registered agent or broker would have access to the agency’s extensive database. Property developers could also promote their projects on the RERA website.
5. What is Dubai REST mobile app?
The Dubai REST (Real Estate Self Transaction) mobile app is a one-stop solution for all things related to the property sector. You can use it to buy, sell, rent properties, and conduct other transactions. The app also contains extensive information about real estate offices, certified brokers, the latest projects, and more.
6. What is RERA Rental Calculator?
The RERA Rental Calculator is one of the features of Dubai REST mobile app. As the name says, renters can use it to estimate the average rental of a property, and to determine whether or not there will be a rental increase, and how much it could be.
Contact Information: Dubai Land Department
If you have any queries or concerns regarding RERA and real estate, you can get in touch with the Dubai Land Department (DLD) through the contact details given below.
Please note that the office’s working hours is from Monday to Thursday at 7:30 am to 3:30 pm, and every Friday from 7:30 am to 12:00 pm. Moreover, their Customer Service is available from Monday to Thursday, 7:30 am to 4:30 pm via phone, chat, and email platforms.
Address: Baniyas Rd. (near Etisalat Building), Deira, Riggat Al Buteen, Dubai, United Arab Emirates
Google Map Location
Meanwhile, here is the location of Dubai Land Department on Google Maps, for your reference:
Just like any other city, Dubai has plenty of opportunities, even in the property sector. And so, entities such as the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD) are here to make sure that real estate transactions go smoothly, and in accordance with the rules and regulations.
Once again, whether you are seeking a place to rent in Dubai, or planning to buy and sell property in the emirate, it’s important that you know all about RERA and DLD.
DISCLAIMER: We hope that this article has been helpful, especially if you are planning to rent, buy, or sell property in Dubai. Please keep in mind that the above guide is presented for general, information-sharing purposes only. To know more about RERA, its services, and the various laws governing real estate, please visit the official website of the Dubai Land Department or DLD.