Dubai Property Experts Discuss - New RERA regulations for 2015
Great news if you plan on Buying Property in Dubai
Since the Real Estate Regulatory Agencies implementation in 2007 the real estate practises and standards have improved throughout the Dubai Property Market.
At the peak time there were in excess of
8000 Dubai Real Estate Agencies with at least 10,000 Agents
In reflection of the market down turn back in 2009 the current number of Agencies has reduced to 2200 with more than 5000 Agents.
RERA a division within Dubai Land Department want to see a reduction in these figures and also ensure full compliance with only registered and licensed Agents operating.
We are expecting new monitoring measures to take effect in 2015 in order to help control the figures, new Dubai real estate companies will only be allowed 4 Agent visa�s within the first year of establishment.
The current annual mandatory exam pass rate will increase from 75% to 85%. Only knowledgeable Agents will qualify for a Broker License which will be linked with Emirates Identification Card.
All licensed Agents must complete a real estate transaction on regular basis and any that fail to do so within 6 to 12 month period will have license cancelled.
Eclusive Links welcomes these changes
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