New rules in bid to improve real estate standards

Agreement lays down criteria for people wanting to set up their own brokerage.
New rules in bid to improve real estate standards
By Andy Sambidge
Mon 29 Dec 2008 04:56 AM

Stricter licensing rules are set to be introduced for Dubai real estate agents in a bid to improve transparency for property owners and tenants, it has emerged.

No more freelancers will operate in the emirate's property sector under a new agreement signed by the Department of Economic Development (DED) and Dubai's Real Estate Regulatory Authority (Rera).

The introduction of a new system will make licensing more transparent and easier for all those involved in the process, UAE daily Gulf News reported on Monday.

Previously any UAE national or GCC nationals could open a brokerage - now there are strict criteria that need to be met and certified.

"They need to be over 18, they need a good conduct certificate by CID, they 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," Marwan Bin Galita, chief executive of Rera, told the paper.

The DED will use its own licence and business registration system for issuing licences related to real estate activities, according to procedures applied by Rera.

Rera is now set to train a number of DED staff on how to use these licensing procedures.

The agreement follows news last week that all tenancy agreements in Dubai must be registered, starting in January, so that the final rental index may be prepared by Rera.

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