Dear Real Estate brokerage office,
Greeting
Subject: Compliance with the Provisions of Dubai Law No. 8 of 2007 Concerning Real Estate Development Escrow Accounts in Dubai
In accordance with the provisions of Dubai Law No. 8 of 2007 concerning escrow accounts for the sale of off-plan real estate, and Dubai Regulation No. 85 of 2006 governing the registration of real estate brokers in Dubai, and in the interest of safeguarding the rights of investors and purchasers, the following circular is issued to all real estate brokers:
First: All real estate brokers operating in Dubai must strictly adhere to the following:
1. It is prohibited to promote or market any off-plan real estate project unless it is verified that the project is legally registered with Dubai Land Department.
2. The real estate project must have an approved escrow account with the Real Estate Regulatory Agency (Rera).
3. An official permit must be obtained from RERA before commencing any promotional or marketing activities for any real estate project.
Second: Any real ...