Real estate licensing agreement signed

29/12/2008 - Dubai Property News
Real estate licensing agreement signed

The Dubai Department of Economic Development (DED) and the Real Estate Regulatory Agency (Rera) have made an agreement to facilitate all licensing procedures surrounding the real estate sector, it has been revealed.

As such, DED will now use its licence and business registration system to issue licences for real estate-related activities, according to procedures applied by Rera, Emirates Business 24/7 reports.

Meanwhile, Rera will train DED staff on how to use the licensing procedures.

Such activities include - but are not limited to - purchasing land, renting, auctions, rental services for timeshare residential units and real estate development.

Sami Al Qamzi, director-general of the DED, claimed that the agreement is "in line with DED's strategic objective to support the development and progress of the real estate sector in Dubai, which plays a vital role in the economic growth of the emirate".

Marwan bin Ghalita, chief executive officer of Rera, added the move will help the agency with its aim of systematising licensing for all real estate activities.

Earlier this month, Zawya forecast that Dubai's property market will continue to grow over the course of 2009.