Impact of new RERA advertising regulations over Dubai Real Estate Industry

Dubai has always been progressing towards achieving more and the Real Estate sector is one of the pillar that has always performed exceptionally well towards the economic growth of this Emirate.  The Real Estate Regulatory Authority (RERA) continuing the attainment forward has taken yet another major step which implies developers and agencies to seek permission through RERA for any property related advertisement. An online system named as Trakheesi, allows the registered brokers and developers to apply permissions conveniently in order to advertise properties within Dubai and other regions. According to the rule, the applicant would need to get proper documentation in place which would be submitted to RERA through Trakheesi that would later be approved or disapproved for advertising depending upon the regulations. This is a major step towards industry maturity, because looking at more matured Real Estate markets like UK, US and Canada the two factors that stand out are transparency and regulation, and Trakheesi system despite adding these two factors to the industry also formulates a streamline process where it creates a balance for all the stakeholders of the real estate industry that includes brokerage, developers, news media and online portals. Duplicate listings, improper documentation and fraudulent details have been major concerns in the industry for long, and through the implementation of this advertising rule, these issues would be tackled at large and for good. The change...

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