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Other UAE leaders have also expressed their sorrow on the tragic incident
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New Dubai rules to further streamline property sector
DUBAI - Dubai's Real Estate Regulatory Authority (RERA) is anticipated to issue new regulations that will make it mandatory for properties have to be registered with the Land Department before conducting any secondary transaction, market sources said.
Under the existing rules, even without registering with the Land Department a buyer could sell or mortgage the property.
RERA officials were unavailable yesterday to give further details on the new rules.
With the new regulation, aimed at further streamlining the buoyant property sector, the Land Department will be collecting a two per cent transfer fee from the buyer. Earlier, developers were collecting the transfer fee.
Sources said the new rules, coming close on the heels of the landmark mortgage law, would ensure more transparency and credibility.
Last week's mortgage law seeks to regulate the mortgage process in an effort to protect the rights of lenders and borrowers and improve transparency.
The law stipulates that mortgage contracts be registered with the land department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked.
It is also learnt that RERA, which has been putting systems and regulations in place to ensure more orderly growth of the freehold property sector, was in discussions with the authorities in other emirates on coordinated action with regard to norms and regulations, systems and the much-needed checks and balances so that the growth does not go out of control. Marwan bin Ghalita, Chief Executive Officer of RERA was quoted in Dubai Real Times as saying that his office was in touch with departments related to the development of land and properties in other emirates on how to achieve this coordinated objective. It has already signed a few memorandums of understanding in this respect.
issacjohn@khaleejtimes.com
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