Crown Prince Issues New Laws on Dubai Real Estate Institute
Attention, Dubai real estate professionals! You have to read this important news! Dubai’s ruler, Mohammed bin Rashid, just issued new laws for Dubai Real Estate Institute. These new laws may affect how professional agents and buyers will make transactions in the real estate industry in the future.
New Laws on Dubai Real Estate Institute
As the ruler of Dubai, Crown Prince Mohammed bin Rashid recently issued Law No. (5) of 2020 that pertains to the Dubai Real Estate Institute. DREI was established to develop the skills of aspiring professionals and agents to engage in Dubai real estate sector. It also aims in supporting the community in sharing knowledge and expertise. Altogether, it aims to innovate and establish a competitive real estate market.
The new law states that the Dubai Real Estate Institute is now authorized to grant certificates and licenses to real estate professionals. The DREI can also now offer consultation services to train aspiring real estate agents. The institute will also create teams to conduct collaborative studies with local and international academic institutes. This is to create training programs to develop Dubai's real estate market.
The Executive Body
According to the law, the Dubai Real Estate executive body must compose with a CEO with administration, finance, and technical executives. The staff will be subjected to Law No. (8) of 2018 that pertains to the management of Dubai's Human Resources and resolutions. The Executive Council of Dubai will appoint the DREI’s CEO.
The CEO will be responsible for developing the institute's training programs, organizational structure, and training programs. The proposals will then be submitted to the Director-General of the Dubai Land Department for approval. The Dubai Real Estate Institute is also responsible for implementing internal rules and regulations for the institute.
The CEO's other responsibilities include developing the Dubai Real Estate Institute's annual report. He's also responsible for supervising the executive body's work, as well as proposing fees for training programs. Meanwhile, the Executive Council of Dubai's Chairman will issue all the bylaws to ensure the proper implementation of this Law.
Law No. (5) of 2020 pertains to the establishment of the DREI. The law will also annul other legislation that contradicts its articles. The new law will be published in Dubai's Official Gazette. Meanwhile, the law will be effective on the date of its publication.
What Does The New Law Mean in Dubai Real Estate Industry?
Now that the new law has been passed, what does it mean to the real estate industry? This is actually a perfect opportunity for real estate professionals to increase their knowledge! Undergoing this program will help you know the latest trends and updates in the Dubai real estate market.
Aside from that, you’ll gain certificates and licenses, which can help boost your credentials and reputation as a real estate agent. Since all real estate projects are currently halted due to the pandemic, this is the perfect time to spend in self and professional career growth. We urge real estate professionals to take this opportunity to register in the institute’s upcoming programs.
Contact our professional Dubai real estate agents now to purchase your dream property.