The Real Estate Regulatory Agency (RERA) has been established to support and regulate the rising demand for the buying, selling, and leasing of real estate. RERA has been one of the essential entities that have contributed to the security and safety of Dubai’s real estate market, as well as the swift nature of the processes involved in selecting, purchasing, or leasing properties, and the registration procedures.
In this blog, LEOS Developments provides a detailed overview of RERA.
What Is RERA?
The Real Estate Regulatory Agency, commonly known as RERA, is a regulatory body within the Dubai Land Department (DLD). It was launched in 2007 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the UAE.
The agency’s objective is to provide a clear and efficient legal framework for all parties involved in Dubai’s real estate sector, including real estate agents, developers, property owners, and buyers.
What Are the Main Objectives of RERA?
1. Issuing licenses for real estate developers, buyers, owners, and agents in Dubai.
2. Overseeing trust accounts held by property developers.
3. Regulating and registering lease agreements.
4. Monitoring the associations of owners that manage different buildings within Dubai.
5. Publishing official studies related to the property market.
6. Monitoring developers’ commercial activity and property advertisements in mainstream media.
7. Granting licenses for real estate exhibitions to promote national involvement in the emirate’s real estate sector.
8. Educating the public about regulations related to buying or renting properties.
What Are RERA Forms and Their Functions?
RERA has created distinct forms to guarantee transparent real estate transactions, with each form serving a specific function:
FORM A: Contract between the listing agent and the seller
FORM B: Contract between the agent and the buyer
FORM F: Contract between the buyer and the seller
What is a RERA License?
A RERA license is a certification issued by the Real Estate Regulatory Agency (RERA), allowing individuals and businesses to operate legally within Dubai’s real estate sector. It verifies compliance with ethical guidelines and professional standards, and aims to safeguard buyers, sellers, and tenants by promoting transparency and ethical practices in the market.
Who Is Required to Have a RERA License?
Anyone engaged in real estate operations in Dubai is required to secure a RERA certificate.
This includes:
• Developers
• Property brokers and leasing agents
• Real estate marketing and advertising companies
• Property management firms
• Consulting and advisory service providers
How Much Do RERA Licenses Cost in Dubai?
The overall cost of acquiring a RERA license in Dubai differs based on the activities the licensee plans to undertake. Prices can vary between AED 5,000 up to AED 100,000 annually.
How to Obtain a RERA License in Dubai?
If you’re planning to acquire a RERA certificate in Dubai, follow these steps:
1. Visit the Dubai Land Department’s official website.
2. Create an account within the Trakheesi system.
3. Fill in your details and upload the necessary documents.
4. Apply for a RERA license in Dubai.
5. Once your application is approved, make the payment using your preferred payment method.
6. After that, you will receive a notification confirming your registration.
What Are the Benefits of RERA Licenses?
For Real Estate Agents & Developers
• Enhanced Credibility and Trust:
A RERA license demonstrates professionalism, adherence to ethical practices, and compliance with industry standards, thereby building trust with clients.
• Legal Protection:
RERA provides legal safeguards against fraud and negligence, ensuring transparent transactions and clear guidelines for all the parties involved.
• Access to Services:
Only RERA-certified companies are permitted to utilise essential services from the Dubai Land Department, including property title transfers and registration.
• Market Advantage:
RERA registration grants access to exclusive property listings, giving you an edge over unlicensed competitors.
• Professional Growth:
RERA mandates training and education, helping professionals stay updated on market changes and build valuable connections.
For Property Buyers & Investors
• Protection for Off-Plan Buyers:
RERA protects buyers of properties under construction by ensuring funds are held in escrow, and that buyers can access project completion reports.
• Access to Verified Information:
Registration allows buyers to access verified property listings and pricing history, promoting a fair market.
• Legal Recourse:
In the event of disputes, RERA offers access to legal solutions and an efficient grievance redressal system.
• Transparency:
RERA mandates clear processes for project development and sales, ensuring buyers are informed about project progress and are not subject to unfair practices.
For the Real Estate Market
• Market Stability and Transparency:
RERA regulations promote a real estate market that is more organised, transparent, and stable.
• Data and Market Insights:
Registration helps update the real estate market database, providing valuable data on demand and supply.
• Consumer Protection:
RERA develops laws to protect the rights of consumers (buyers, sellers, renters, and landlords), promoting fair and ethical transactions.
RERA Smart Platforms
RERA, along with DLD, has introduced several smart applications to support all participants in the real estate industry. Below are the top real estate technologies released by DLD.
Dubai Rest App
The Dubai Rest App offers comprehensive services for tenants, property owners, and various service providers all in one place. The app provides a safe platform to manage real estate operations. It allows you to conduct real estate transactions and offers access to property ownership details and information regarding the city’s real estate market and other RERA services.
Dubai Brokers
Dubai Brokers App offers precise, up-to-date details about licensed property brokers in Dubai and their office locations. It also lists brokers based on their nationality and provides their sales performance ranking. The app furthermore confirms ownership certificates to improve efficiency and expedite service delivery.
Smart Investment Map (SIM)
The Smart Investment Map (SIM) is an online platform designed to display properties available for sale or rent in Dubai, whether you’re looking to purchase an apartment or lease a villa. It enables users to select a property, interact with the owner, and carry out online transactions.
Ejari
Ejari is a smart leasing management app developed by DLD and RERA. The Ejari system simplifies the lease registration process in Dubai. Property management companies, property owners, or their representatives can register tenancy contracts and renewals, and monitor tenancy status ensuring adherence to Dubai rental laws.
Smart Judge Service
The Smart Judge tool offers online legal guidance for rental disputes. It educates tenants and landlords about their legal rights and assists in deciding if a legal case is viable, saving time and delivering initial legal perspectives at no charge.
At LEOS Developments, we consider RERA to be the backbone of regulatory integrity in the emirate’s real estate market. The Real Estate Regulatory Agency creates an environment of trust and accountability for all stakeholders through its licenses, escrow accounts, smart applications and digital platforms. As Dubai continues to grow and evolve, RERA remains the key to unlocking transparent, fair, and future-ready real estate.
