New Dubai Real Estate Laws Makes Buying Safer |
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recent moves by dubai’s real estate regulatory agency or rera will insure that mortgages taken out for property in dubai
will be fully insured and registered could slow the buying process down
in dubai. at the same time one overseas property expert feels that the
new regulations will serve to further increase confidence in the
housing market.
the latest laws
see regulation toward an even safer mortgage industry in dubai.
mortgages may only be sold by a registered financial institutions and
all must be fully insured. mortgages need to be registered with the
land department giving details of the size of the mortgage and the
value of the property being mortgaged.
the overseas property website
homesgofast.com director nicholas marr ' the advantage of starting a
housing market from scratch is that you have the benefit of learning
from the bad experiences of others and it seems that rera are taking
wise precautions in introducing a succesion of new regulations.'
the introduction of rera in
july 2007 was the first major step for dubai in achieving greater
control of a market that seems to have no limits. the body is part of
the dubai land department which has its own financial and
administrative independence with full legal authority to regulate the
real estate sector in dubai.
since its
inception the agency has been very busy and it seems to me that each
move has made buying property in dubai even safer.
rera is responsible for
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licensing all real estate activities.
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managing real estate developers' trust account.
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licensing and organizing real estate agents.
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regulating and registering rental agreements.
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regulating and supervising the owners associations.
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regulating real estate advertisements in the media.
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regulating and licensing real estate exhibitions.
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publishing official research and studies for the sector.
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enhancing national participation in the real estate sector.
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increasing real estate awareness.
it seems that dubai housing market is set to become one of the safest in the world.
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