ARELLO News Archive

India Moves Toward Regulation of Builders and Developers

Proposed legislation in India would, for the first time, impose a nationwide system for the regulation of builders and property developers. Proponents of the Draft Real Estate (Regulation & Development) Bill, 2011 are hopeful that the bill will soon be introduced in India's Parliament and come into force sometime in 2012. The legislation has been widely discussed and disseminated, and hotly contested by some industry stakeholders, since at least 2009. At a November press conference unveiling the draft bill, Minister for Housing and Urban Poverty Alleviation Kumari Selja said that the aim of the legislation is to intervene in the unregulated development industry in order to ensure accountability on part of promoters.

[Read the full article in the January 2012 Issue of Boundaries - for Members Only]

Real Estate Authority Coming Soon to Saudia Arabia

RIYADH - A special authority is being set up to oversee the real estate sector in the Kingdom.

According to sources quoted by Al-Jazira Arabic daily, the authority will define the rules and responsibilities governing the sector's activities.

View the full article from Zawya here. 

2nd Annual Middle East North Africa Real Estate Society Conference

2nd Annual Middle East North Africa Real Estate Society Conference

Conference Theme:

Towards a Mature, Transparent and Global Real Estate Market

Date: 23-24 November 2011

Dubai, United Arab Emirates

Call for Papers is now open!

The Middle East North Africa Real Estate Society in its continuous efforts to facilitate communication and knowledge exchange between the region’s real estate stakeholders and global real estate experts will hold its 2

Use this opportunity to take part and enrich the 2

MENARES welcomes conceptual, theoretical, applied, empirical, experimental, policy and case study contributions from industry experts, government officials, policymakers, researchers, academics, and professionals in the field.

The conference is the perfect platform to present your new solutions, practical experience, conceptual studies and visions to a highly qualified audience. The aim is to encourage the development of best practices and to promote a high level of professionalism in the region’s real estate sector and to provide a comprehensive assessment of how to move towards a mature, transparent and global real estate market.   More information is available about MENARES and how to submit a presentation proposal at   http://menares.org

2nd annual conference on November 23rd and 24th 2011 in Dubai, United Arab Emirates. 2nd Annual MENARES conference with your contribution.

Singapore Initiates Council for Estate Agencies

On 6 May 10, the Ministry of National Development (MND) announced that it will set up a new statutory board, Council for Estate Agencies (CEA), to raise the professionalism of the industry and to better safeguard consumer interest.

A letter has been sent to all licensed estate agencies requesting for their agents’ particulars as at 30 Jun 2010, in preparation for their registration with CEA.

Please download the submission format below. Agencies' returns should be sent to mnd_agents@mnd.gov.sg latest by 15 Jul 10. The information submitted will be treated with strict confidentiality. 

More information can be found at http://www.mnd.gov.sg/CEA/index.html

1st Annual MENARES Conference

MENARES Logo

1st Annual Middle East North Africa Real Estate Society Conference
“Surviving the Storm, Emerging Stronger”
3-4 October 2010 American University in Dubai, United Arab Emirates

A newborn society to the region, MENARES (Middle East North Africa Real Estate Society) is launching by way of its 1st Annual Conference on October 3-4, 2010 in Dubai. The theme of the conference is “Surviving the Storm, Emerging Stronger”, and will bring together real estate leaders, stakeholders and academics from across the MENA region and beyond to discuss the industry’s most pressing topics and developments specifically related to our region.

More information can be obtained at http://menares.org/

Dubai spurs regional standardisation of real estate appraisal

The Emirate is driving the adoption of a common real-estate valuation regime.

By Nicole Walter, Senior Reporter

Dubai: Dubai is nudging the Arab region towards a common standardised valuation regime as its real-estate appraisal centre, Taqyeem, gains regulatory approval.

"The Arab Appraisal Foundation has been formed. By November we'll hold the first conference to look at regulations," said Marwan Bin Galita, CEO of the Real Estate Regulatory Agency (Rera).

The Arab Appraisal Foundation (AAF), whose constitution was recently approved, takes in the wider Middle East. Dubai's Land Department and the Arab Administrative Development Organisation led the impetus to introduce uniform standards and practices.

A mixture of global valuation standards, including the UK's Royal Institution of Chartered Surveyors (Rics), are in the mix.

Rics works closely with Taqyeem, which is adopting the International Valuation Standards Council (IVCS) practices everyone accepts as the ultimate standard umbrella.

Taqyeem will bring out the Emirates Book, its response to the Rics Red Book, a guideline for ethical valuations.

The Emirates version, based on the IVCS, will provide full reports, regulations, rent valuations and auditing methods and is still a work in progress, according to Mohammad Khodr Al Dah, head of Taqyeem.

Full house

He was addressing a full house at the Land Department's first workshop on valuation held in Dubai last week.

Bin Galita announced: "I just got the news that the government has approved the appraisal centre regulations register for valuation professionals.

"This is important, a [Department of Economic Development] trade licence used to be enough, but now with the new regulations the sector will become more professional and we'll raise the level of transparency in appraisals," he added.

Raising that transparency helps achieve more accurate valuation results and with that, investment decisions.

"Finding comparables is difficult, there is little transparency in the market and buyers and owners make different assumptions," said Noura Yassin, head of Valuations at CB Richard Ellis, a research and consultancy firm.

Taqyeem is happy to open its doors wider. Until now, Bin Galita explained, the Land Department's valuation committee worked behind closed doors.

"We'll share our methodologies and data with valuation professionals and publish our approved appraisal numbers," he said.

At present Taqyeem provides valuation certificates to private and government customers carrying out mainly comparative and residual property surveys on request. A lot of them involve properties on the Land Department's freehold register.

In-depth

"We're providing a lot of certificates. Work has gone up these days as there are a lot of disputes in court. We're looking at providing more in-depth valuation reports, rather than just certificates, in the future," said Al Dah.

The legal framework may have been approved but regulations still need to come into full force. Al Dah reckoned it could take up to a year or so until everyone has adopted them and private valuation professionals are fully registered.

"Once they are, we'll stop offering services to the private sector, leaving it to the accredited valuers. We'll only do government valuations."

Taqyeem requires registered valuers to take part in continuing professional development. Bin Galita said no one could become a practitioner, including Emirati professionals, without meeting Taqyeem's — and Rics — standards.

"We would like to see Emiratis trained in the Rics programme and see some Emirati professional chartered surveyors on the Rics board as well," said Ron Hinchey, partner, Cluttons Middle East, also a member of Rics.

The Middle East has over 2,000 Rics practitioners at present and Luay Al Khatib, special adviser to the Rics president, said it was all about collaboration and integration with national and regional authorities, such as Rera, all setting their own standards as well.

Bin Galita hopes that a uniform standard could soon be in place for the UAE, with Abu Dhabi having shown interest in this.

Dubai Real Estate Institute Launches Facebook Fan Page

The new official Dubai Real Estate Institute (DREI) has launched a new fan page on Facebook which provides opportunity to engage visitors in their online community by reading updates, asking questions and communicating via this forum. DREI strives to help develop an industry of well educated professionals and has a commitment to using modern technologies such as Facebook to communicate with stakeholders. The DREI's Facebook site can be found here.

RERA (Dubai) targets unlicensed real estate SMS campaigns

Real estate brokers in Dubai have been warned by the Real Estate Regulatory Agency (RERA) that they face losing their licence if they fail to get approval before running any direct marketing campaigns. The move aims to stop unlicensed brokers from sending unsolicited and often inaccurate SMS sales messages to the public, following complaints from individuals who have been the target of text campaigns. Yousef Al Hashemi, Head of RERA's Licensing Department, said: 'Our priority is to ensure the campaigns are legitimate and not misleading,' adding: 'Failure to comply could mean the loss of a licence or registration not being renewed. The rules are clear and should be rigorously enforced in order to protect buyers and investors. For our part we routinely check all requests for permission to run campaigns.
http://www.ameinfo.com/219631.html

RERA (Dubai) Encourages DWC's Emirati Students to Participate in the Real Estate Sector

RERA (Real Estate Regulatory Agency) encourages DWC's Emirati students to participate in the real estate sector. Real Estate Regulatory Authority (RERA), part of the Dubai Land Department that regulates the real estate market, and aims at maintaining a healthy real estate market in the emirate of Dubai, sponsored 15 Dubai Women's College (DWC) Business students who major in real estate to obtain their real estate license (INTELAQ).

RERA's mission reiterates the importance of increasing real estate awareness and encouraging national participation among young Emiratis. RERA's sponsorship of DWC students was meant to equip young Emirati women with qualifications that meet the market needs. "It was very generous of RERA to sponsor DWC Emirati students with Real Estate licenses and offer internship opportunities for our students in the Land Department." said Mysoon Otoum, DWC's Business Faculty.

"It's a great honor to be a part of this blooming industry, especially in the city of Dubai which is known for its remarkable real estate projects. My colleagues and I have learnt a lot and look forward to a successful future with the Real Estate program being the first step. We definitely value the opportunity given to us and we would like to thank RERA and The Government of Dubai." said Rafia Al Mulla, DWC Bachelor of Business Year 4 student.

Mahmoud Hesham El Burai, Director of Dubai Real Estate Institute (DREI) said "One of RERA's and DREI's major strategic goals is to create awareness and educate Emiratis about the Real Estate sector. RERA is not just a regulatory body; it has many contributions to the local society and global networking. Efforts are carried out to join international real estate bodies such as ARELLO and REEA. RERA also founded constitutions in the local market and conducts conferences in the region and middle east such as ARADO Conference which DWC is a part of."
Dubai Women's College has been an HCT flagship institution for over 20 years providing world-class education for women in the UAE. With a mission supported by the ELITE principles: Excellence, Leadership, Innovation, Technology, and Entrepreneurship, DWC has been recognized as being at the pinnacle of higher education in UAE.

© 2009 Al Bawaba (http://www.albawaba.com/)

http://www.albawaba.com/en/countries/UAE/258459

ARELLO Welcomes the Emirate of Ajman

ARELLO is pleased to announce that its Board of Directors recently approved the application of the Emirate of Ajman for full membership in the association. The Emirate of Ajman joins the Emirate of Dubai as ARELLO's newest members.


Ajman is one of seven emirates that comprise the United Arab Emirates (UAE). Located along the Arabian Gulf, Ajman contains an area of approximately 260 square miles, making it the smallest Emirate in size. Ajman's government is located in the city of Ajman. The Emirate has experienced significant growth over the last several years, much of it reportedly spurred by the decision to offer foreign nationals 100% freehold ownership of real estate in designated areas.
A series of decrees issued in 2008 by His Highness Sheikh Humaid bin Rashid Al Nuaimi, UAE Supreme Council member and ruler of Ajman, created the Ajman Real Estate Regulatory Agency (ARRA). The agency is affiliated with the Government of Ajman and is an administratively, financially independent body with full legal competence.

The decrees establishing license policy in Ajman are located here.
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