RERA stands for Real Estate Regulatory Agency, which is a government agency that streamlines, authorizes and regulates the real estate sector in Dubai. It was founded by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, Vice President & Primes Minister ruler of Dubai on 31st July 2007. It strongly establishes policies and regulatory acts, in order to encourage expat and foreign investments in the booming real-estate sector of Dubai, whilst providing a strong ethical foundation for those interested.
RERA responsibilities include
- Licensing all real estate activities
- Managing real estate agents
- Licensing real estate agents
- Regulating and supervising the owners associations
- Regulating real estate advertisements in the mass media
- Regulating and licensing real estate exhibitions Publishing studies for the sector
- Enhancing national participating in the real estate sector