Real estate brokers achieve professional status following Real Estate Regulatory Agency initiative
11 January 2010
The prospect of an 'all professional' property sector in Dubai moved a step closer today with the Real Estate Regulatory Agency (RERA) announcing an agreement with the Ministry of Labour (MoL) to have real estate brokers officially recognised as a separate professional category.
New Labour Cards and Residence Visas issued to real estate broker will now include their designation, replacing the previous practice of categorising them all as sales staff.
RERA is close to finalising a comprehensive agreement with the MoL which will see all the professions it registers - such as valuers, consultants, mortgage brokers, agents, and surveyors -formally recognised as separate job categories by the Ministry. Marwan bin Ghulaita, Chief Executive Officer of RERA, said, "This is the first step towards a complete classification of the real estate professions in Dubai."
Bin Ghulaita added, "The practical objective is to make sure each real estate professional's designation reflects what he does so buyers and sellers are clear that they are dealing with properly qualified, competent, licensed and registered professionals."
He said, "The overall effect will be to increase transparency and professionalism across the sector. This in turn will boost confidence in property dealings and in the networks of agents and third parties investors depend on to execute their transactions."
"Previously, there were no officially recognised categories for real estate professionals and none was recognised by the Ministry. RERA, as the custodian of these professional services, took the initiative and approached the MoL. The Ministry has now approved the first step of officially recognising broker as a professional category and this will be included in all the related professional and operations documents," Bin Ghulaita pointed out.
"So when firms come to renew their registration and labour permits these will be issued with the new designation," he said.
Effectively, this step completes the three-stage formal approvals procedure of registration, licensing and now Labour Permit and Residence Visa to support the professional qualifications and training of real estate practitioners in Dubai. This compulsory system will take RERA's campaign to outlaw rogue practitioners to its conclusion.
RERA has, as part of its agreement with the MoL, set up an electronic link direct to the Ministry which will allow the exchange of information to speed up processing of Labour Permits. Humaid Al Rashid, Head of the Labour Affairs Department in the MoL, said, "We were only too happy to cooperate with RERA and to support it in its aims."
Al Rashid added, "We have the same objectives and these include ensuring absolute transparency in all commercial matters and in the relationship between professionals, agencies and their customers. Dubai is one of the best places in which to do business. We want to ensure it is the best."
This RERA initiative effectively establishes the basis for the professional framework the Agency's CEO in particular has recommended as the most efficient regulatory mechanism for Dubai's real estate market. Mr. Bin Ghulaita said, "A properly professional sector is investors' best guarantee. If the lawyers, valuers, brokers, consultants are qualified and trained by professional associations registered here and who regulate their member's conduct then we have sound foundations on which to build. RERA takes that process forward in playing a key role in the legislative and regulatory framework established by the Government but our success must depend on professional associations."
"We are grateful to the Ministry for the crucial role it has agreed to play in taking us closer to our goal of an all-professional real estate sector," he concluded.
Source: AMEinfo.com