Sheikh Mohammed issues new Law on Dubai Real Estate Regulatory Authority - GulfToday

Sheikh Mohammed issues new Law on Dubai Real Estate Regulatory Authority

Mohammed

Sheikh Mohammed Bin Rashid

A new law pertaining Dubai's Real Estate Regulatory Agency (RERA) has been issued by the Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum.

The new law is Law No. (4) of 2019, it states the restruction of legal provisions of the agency. This is in accordance with Law No. (16) of 2007. According to the new law, the objectives of RERA include contributing to the development of Dubai’s real estate sector within an integrated system of regulatory and monetary procedures and enhancing the sector’s contribution to Dubai’s economy.

The law also states that, , RERA will work to provide a secure environment for real estate projects. This will is in order to protect the rights of developers and investors, implement new projects and programmes that enable them explore new real estate opportunities and promote professional and ethical standards in the industry.

 Under this Law, the Chairman of The Executive Council of Dubai will appoint the CEO of RERA and will also issue the regulations and resolutions required for the implementation of the provisions of this Law that substitutes Law No. (16) of 2007. Dubai Land Department will replace RERA in registering real estate rental contracts and regulating the relationship between property owners and tenants and any other matter related to real estate rental contracts.

The law will be published in the Official Gazette and will start being implemented on the day it was published.