|
Dubai: A total of Dh4 billion have been deposited by developers in escrow accounts with 33 banks approved by the Dubai Real Estate Regulatory Agency (Rera), said Marwan Bin Galita, the agency's chief executive.
Speaking at the regular monthly meeting of the Dubai Property Group (DPG), Bin Galita announced that the number of projects registered with Rera amounted to 1,560 projects, 476 of them have trust account. He noted that by the end of April, Rera had registered 710 developers, 1,487 brokers' offices and 2,909 agents.
Rera and Dubai Land Department representatives presented the latest procedures and regulations for registering and transferring freehold properties in Dubai to over 300 DPG members.
Mohammad Sultan Al Thani, assistant director-general of the Dubai Land Department announced that electronic forms for real estate agents are ready and can be easily accessible through the department's website, noting that by November 1, the Land Department will not clear any property transactions without these new official forms which are only accessible to Rera accredited real estate agents. He added that the Land Department will be introducing two registration systems: one for completed property (the register) and the other for 'off plan' sales (the pre-register) in the coming two weeks. After this system, all new purchasers should go directly to the Land Department to register their property.
Bin Galita who also called for developers to stop charging transfer fees. All transfers, he said, should be registered with the Dubai Land Department only. He also noted that around 4,000 property professionals are doing business illegally in Dubai.
Bin Galita added that by 2009, Rera plans to gradually incorporate all new properties and rental contracts for commercial and residential units into its registration process and aims to collect a database of rental agreements in Dubai.
"The creation of Rera, and introduction of new laws with the support of Land Department, has so far generated stability in the real estate market," said DPG executive director Adel Lootah.
|
