Dubai's pledge to protect property buyers and tenants will be translated into concrete terms next month when its property watchdog - Real Estate Regulatory Authority (Rera) - will introduce a Rental Index on February 14 along with other property laws.
New property transaction forms will be introduced to streamline each transaction. Three forms will be introduced for brokers and agents; buyers and sellers agreement and for the secondary property market (resale).
It includes a new rental law for the protection of properties, which will enhance protection on the interests of every individual and corporation, said Rera CEO Marwan Bin Ghalaita while highlighting the achievements of property watchdog on Monday. The event was organised by Dubai Property Group.
Rera is setting up a database that will provide details and history of every property and 1,800 agents in the Dubai, according to The Gulf Today.
Ghalaita said it will be mandatory for all agents to be identified with a Rera card and 2008 is likely to be the end of freelance agents' activity. He said transaction fees will be given only to the government (Rera), and no one else can accept such fees.
He advices all land deeds to be registered in person with the Land Department, which is easy, smooth and safe. Answering a question on the sale of a building which has already been 10 per cent sold, he said it is illegal to sell the full building, when it is already 10 per cent sold.
Rental Index will give landlords and tenants an indication of the actual market price and also curtail inflated rents. Dubai plans to introduce a new property index soon that will help in setting a range of appropriate rents for properties in the emirate to control sky-rocketing rentals.
With the introduction of the property index, the landlords are obliged to set rents within the set limits.
It will also provide a guide to the tenants and house-hunters about the prevailing rentals and whether they are being overcharged or not. They can report their complaints at the rental dispute committee. Dubai has also issued an annual rent cap of 5 per cent for 2008 that is lesser than 7 per cent ceiling of 2007 and 5 per cent of 2006. (WAM)
New property transaction forms will be introduced to streamline each transaction. Three forms will be introduced for brokers and agents; buyers and sellers agreement and for the secondary property market (resale).
It includes a new rental law for the protection of properties, which will enhance protection on the interests of every individual and corporation, said Rera CEO Marwan Bin Ghalaita while highlighting the achievements of property watchdog on Monday. The event was organised by Dubai Property Group.
Rera is setting up a database that will provide details and history of every property and 1,800 agents in the Dubai, according to The Gulf Today.
Ghalaita said it will be mandatory for all agents to be identified with a Rera card and 2008 is likely to be the end of freelance agents' activity. He said transaction fees will be given only to the government (Rera), and no one else can accept such fees.
He advices all land deeds to be registered in person with the Land Department, which is easy, smooth and safe. Answering a question on the sale of a building which has already been 10 per cent sold, he said it is illegal to sell the full building, when it is already 10 per cent sold.
Rental Index will give landlords and tenants an indication of the actual market price and also curtail inflated rents. Dubai plans to introduce a new property index soon that will help in setting a range of appropriate rents for properties in the emirate to control sky-rocketing rentals.
With the introduction of the property index, the landlords are obliged to set rents within the set limits.
It will also provide a guide to the tenants and house-hunters about the prevailing rentals and whether they are being overcharged or not. They can report their complaints at the rental dispute committee. Dubai has also issued an annual rent cap of 5 per cent for 2008 that is lesser than 7 per cent ceiling of 2007 and 5 per cent of 2006. (WAM)
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