Dubai Real Estate RERA initiatives

Dubai Real Estate RERA initiatives

The Real Estate Regulatory Agency (RERA) continues to support and enhance the real estate industry in Dubai.

With approximately 2500 real estate agencies currently registered in the Emirate a reduction in this number would be prudent.  A contributing factor for RERA to implement a "ranking" system to classify both real estate Agencies and individual Brokers.

In an earlier blog post in November 2014 we discussed some new regulations expected in 2015 and in conjunction with these initiatives the ranking system will soon be announced.

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There will be 5 categories that each Agency will be scored on.  This will assist investors and home owners to qualify and profile the real estate agencies. Providing a more transparent review of performance should boost consumer confidence & expand market productivity.

The Agencies knowledge and expertise will have up to 15% contribution towards the overall scoring while 40% will be based on the Agencies commitment to correctly follow & implement the laws and regulations.  Based on the number of sale transactions brokered this is appointed 30% and the final 15% over the remaining 2 categories will factor the Agencies internal structure & policies and community service standards.
 
The cumulative result will grade or rank the Agencies. It is expected a vast majority of currently established companies would receive a "General" rating as the final percentage would be 70% or less. A score of 71% to 80% would earn a "Bronze", followed by "Silver" and to obtain the highest rating and the reward of "Gold" above 91% would be a requisite.

 
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