The Real Estate Regulatory Authority (RERA), part of the Dubai Land Department is a nodal agency that formulates, regulates, manages and licenses various real estates related activities in Dubai. RERA was established in July 2007 by a decree of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai.
Law No. 8 of 2007 is commonly referred to as the 'Escrow Law' and was established to provide legislative protection to purchasers in off-plan transactions. In general, the Law seeks to introduce a regime of registration, licensing and regulation for all developers undertaking property development activities in the Emirate of Dubai.
The Law also requires that all funds involved in the sale / purchase of off-plan properties is managed through an escrow account which will in turn be run by banks and financial institutions approved by the Dubai Land Department, making the off-plan real-estate market transparent, uniform and secure.