Dubai: Property companies based in the emirate are to receive new training in an attempt to boost transparency and enhance foreign investment in the market, the Real Estate Regulatory Authority (Rera) said yesterday. The training, which begins later this month, is centred around the implementation of the governance charter and will be conducted in three phases. Rera is the regulatory arm of the Dubai Land Department, which was established to protect the rights of clients in the sale and purchase of land.
“The absence of a culture of governance in the market in general and in the real estate market particularly motivated the Dubai Land Department to apply the charter in three stages,” Marwan Ahmad Bin Galita, CEO of Rera, said. “The first one is experimental, educational and optional. The second stage focuses on training and coordination, while the third stage is for the execution of the charter and is mandatory,” he added.
Programme for brokers: The Land Department announced last week it was introducing an education programme for real estate brokers to improve the efficiency of those working in the sector. There are currently 2,084 real estate brokers and 804 real estate brokerage offices in Dubai. “The Land Department believes firmly in the importance of having well qualified real estate service providers, including brokers,” Mahmoud Al Burai, head of real estate sector development at the Land Department, said.
“Brokers should be knowledgeable and well aware of the laws, regulations and services required to ensure the real estate market is functioning responsibly, ethically and professionally.” Al Burai said that continuous education for brokers is important to bring Dubai in line with international standards. “The decision was taken from the time Rera was established. Rera planned in 2007 the professional development strategy that requires continuous education to update and qualify real estate professionals in the market,” he said.
