RERA, Dubai’s Real Estate Regulatory Authority, has been reportedly putting systems and regulations in place to ensure more orderly growth of the freehold property sector.Â Trough discussions with the authorities of other UAE emirates, RERA is planning to coordinate actions with regard to norms and regulations, systems and the much-needed checks and balances so that the growth does not go out of control.
As a step towards market regulation, Dubai’s Real Estate Regulatory Authority is expected to pass new guidelines before the end of 2008, making it mandatory for properties to be registered with the Land Department before going for any secondary transaction, according to market sources. Currently, registering with the Land Department is required by law since 2006, but still not all developments are registered.
The new regulation is bound to streamline the buoyant property sector. The Land Department will be collecting a two per cent transfer fee from the buyer, which were collected by developers previously.