By Andy Sambidge
RERA signs agreement with Ministry of Labour to add transparency to sector.
Transparency and professionalism will increase within Dubai's real estate sector after a new agreement between the Real Estate Regulatory Agency (RERA) and the Ministry of Labour (MoL), officials said on Sunday.
The deal will see real estate brokers in the emirate officially recognised as a separate professional category - allowing RERA to further clampdown on rogue operators.
New labour cards and residency visas issued to property brokers will now include their specific job title, replacing the previous practice of categorising them all as sales staff, RERA said in a statement.
Marwan bin Ghulaita, CEO of RERA, said the aim of the move was to increase transparency and professionalism in an industry that has been hit hard by the impact of the global economic crisis.
"This is the first step towards a complete classification of the real estate professions in Dubai."
Last year, RERA announced plans to stop freelancers from operating in the emirate's property sector under an agreement signed with the Department of Economic Development (DED).
Bin Ghulaita added: "The overall effect will be to increase transparency and professionalism across the sector. This in turn will boost confidence in property dealings and in the networks of agents and third parties investors depend on to execute their transactions."
RERA is close to finalising a comprehensive agreement with the MoL which will see all the professions it registers - such as valuers, consultants, mortgage brokers, agents, and surveyors - formally recognised as separate job categories by the Ministry.
"The Ministry has now approved the first step of officially recognising broker as a professional category and this will be included in all the related professional and operations documents," Bin Ghulaita said.
The step effectively completes a three-stage formal approvals procedure of registration, licensing and now labour permit and residency visa to support RERA's campaign to outlaw rogue practitioners.
in a time when they should be "catalyzing" the real estate market, RERA keeps coming up with silly laws that will disable any momentum in the market. while i am all for regulating, they should also understand the value dergulated elements have in creating value in the economy. great law - bad timing.
I have said it before and i will say it again. The Dubai market needs an MLS system just like they have it in the United States. This way you don't get 10 agents working on one property where everyone of them wants a cut on the deal. Everything should be listed on the MLS and only authorized agents should get an MLS key, plus, all profiles of brokerages should be there too. This will also clamp down on buyers and sellers fooling around in the market with their prices and offers. This system should only be run by RERA. Believe me, it has worked for over 30 years in the US.
It is the right way to beat the crisis of real estate market through bringing transparency and right person for the right job plus have to deal every project as a special. Rera has to be more flexible in their work and has to show significance on the problems of people otherwise all the efforts will be useless. Regards, William Johnson arcusproperties.com
Please can someone advice me the name of officer in charge of Rera. I know of a fraud Agent Managing a company and he still owes me money.....75,000 UAE dh