Officials say the move will help protect the rights of investors and combat 'negative practices' in the industry
The Dubai Land Department has signed a memorandum of understanding (MoU) focused on the creation of a mechanism to monitor and inspect real estate facilities licensed by the Dubai Economic Department’s Real Estate Regulatory Authority (RERA).
Under the agreement, the DED’s Commercial Compliance and Consumer Protection (CCCP) section will monitor the facilities to ensure compliance with local laws and regulations.
“The signing of the memorandum, which authorises CCCP to carry out the field inspections of real estate companies, stems from our keenness to ensure compliance with the laws and legislations for the practice of real estate activities,” said RERA CEO Marwan Ahmed bin Ghalita.
“This agreement will contribute to the realisation of DLD’s vision to establish transparency and accountability in order to preserve the rights of all parties in a safe environment that operates under regulations and legislation respected by all,” he added.
Bin Ghalita noted that the MoU supports RERA’s aims of protecting the rights of investors by ensuring the companies comply with the law and reduce “negative practices” in the real estate market.
“This will establish an atmosphere of trust in the real estate market, while also improving the integration of government agencies and harnessing all expertise and possibilities to enhance trust among real estate investors,” he said.
Mohammed Ali Rashid Lootah, CEO of CCCP, added that the agreement will focus “on raising the quality of services, increasing business competitiveness, enhancing co-operation with consumers and protecting their rights, all of which are critical to enhancing the ease of doing business and economic activity in Dubai.”
Additionally, the MoU will see the two parties coordinate to issue and impose fines