Real Estate Regulatory Agency awards first registration licence for property exhibitions
Strategic Marketing and Exhibitions, organizers of the International Property Show 2008, announced that this year’s show has been awarded with the first registration licence for property exhibitions by the Real Estate Regulatory Agency (RERA), at a press conference held today (January 13, 2008) at the Dubai Land Department offices. During the press conference, Eng. Marwan bin Ghallaita, CEO, RERA, handed the registration certificate to Dawood Al Shezawi, Managing Director, Strategic Marketing and Exhibitions.
The certificate confirms the registration of the International Property Show 2008 within the jurisdiction of RERA, which will ensure that transactions within the event will be conducted in accordance with all the rules and regulations set by the agency. This involves taking necessary steps towards achieving a clear agreement between the two parties upon all the terms, and in the confidence of the participating developers.
Commenting on the agreement, Marwan bin Ghallaita said, “Through the birth of RERA and the continuous support from the government and the Dubai Land Department, we are fully dedicated towards playing a vital role in streamlining Dubai’s real estate processes and other related matters. Our aim is to implement a sustained effort to organize, improve and develop the emirate’s property market. As a first step, we highly advice all investors not to communicate or sign agreements with any developer, broker, or property insurance firms until they are presented with a proof that the company is registered with RERA.”
“Exhibitions are considered to be a primary factor in the development of the property industry, which is why we strongly support events such as the ‘International Property Show 2008’. This agreement reiterates the strong bond between RERA, Strategic Marketing and Exhibitions and the Dubai Land Department, whose support for the event’s previous editions has played a major role in the success it has witnessed through the years. Through the significant presence of RERA in this event, we are looking into gaining a strong support for the implementation of Law # 8, which also seeks to regulate commercial advertisements for unregistered properties and projects, “added bin Ghallaita.
Under RERA’s policies, developers are obliged to complete standard agreement forms, which will disclose accurate data such as buyer's information, the details and amount of the property being purchased, the mortgage plan and updates on change of ownership. This information will then be used by RERA to regulate the buying and selling of real estate in the emirate, and will be safely registered in a secure database.
Dawood Al Shezawi, Managing Director, Strategic Marketing and Exhibitions, said, “As the first property exhibition to enter an agreement with RERA, the International Property Show has proven yet again its significant contribution to the development of the UAE’s real estate sector. With this newest development, we are expecting an intensified presence of regional and international developers and high potential investors this year, in addition to a major boost in the value of closed deals within the event. We recognise the immense need to keep abreast of complex regulatory changes in Dubai's property market and be aware of the upcoming developments planned for the local property sector, which renders a closer relationship to official bodies such as RERA of the essence.”
International Property Show 2008, scheduled to run from February 17 - 19, will feature prime real estate projects from across the globe, ranging from commercial properties to high and low-density residential developments, distinctive leisure and shopping centres as well as upscale resorts and hotels. Since its launch in 2005, the property exhibition has been recognized as a powerful networking platform, which attracts high net-worth investors and leading players from the local, regional, and international property markets and related industries.