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The five basic categories of property-related commercial activities previously recognised by the sector have been extended to 19 as RERA rigorously pursues its policy of professionalising the sector. It has linked registration to qualifications and effectively outlawed unqualified and unregistered practitioners from carrying out work in the sector.
Brokers for example, one of the key players in the sector, have faced possibly the strictest clampdown with their activities clearly stated and their registration to operate now conditional on being properly qualified and meeting the requisite criteria laid down by RERA to be included in one of its colour-coded zone of operation categories.
The plus side is that investors, buyers, sellers and the rental sector can be confident that in RERA registered practitioners they are dealing with properly qualified professionals who can give them the best advice. There are advantages for the practitioners too with RERA pressing for and winning approval from the Ministry of Labour to have property professions recognised on visas and Labour cards.
Yusuf Al Hashemi, Head of RERA's Licensing Department, said:
"RERA has carried out a complete and comprehensive review of property activity in Dubai. We have reclassified each of them and defined the specialists who will carry them out and in the process we have divided some of the categories which were previously combined. Our overriding concern has been to clearly establish the rights and responsibilities attached to each property professional. This creates clarity for their customers and provides a solid basis for trust. The fact RERA approved almost 7,000 licence applications last year demonstrates the real estate professions have bought into the proposition."
"We have been convinced throughout that the best way to achieve effective regulation is to create a professional sector wedded to best international practice. We are heading in the right direction and moving ever closer towards our goal," he added.
The 19 real estate business activities classification issued by RERA and which has replaced the five previously recognised include the following: Property development, renting out and administering property interests on behalf of others, renting out and administering property interest on your own behalf, buying and selling land and property, rental brokerage, representative office of an international property company, organising property exhibitions, organising property auctions, property inspection services, managing and supervising Owners Associations, property administration and supervisory services, managing timeshare property, brokerage leasing timeshare, mortgage brokerage, property training institutes, valuation services, property consultancy, mortgage consultancy.
Mr Al Hashemi added, "Classification and registration have raised standards across the sector and ensured professionals are qualified to carry on their activities and are properly accountable to their clients, as are developers. Each is clearly listed in specific categories of activities and registered as having the necessary qualifications to carry out his task as a member of a professional body. Companies and individuals licensed to work in the real estate sector in Dubai are also registered with RERA where their details can be checked just by going to our rpdubai.com website. We have reached this stage through discussion and cooperation with the DED. We have both put a considerable amount of time and effort into revising the system to make sure the end result is right for the market."
"The professional practices that is emerging as standard across the sector is a profoundly positive step for real estate activity in the emirate and ensures that what we offer here in Dubai is among the best available," he added.
Posted by Rana Mesbah
