The Real Estate Regulatory Agency (RERA), operating under the Dubai Land Department, mandates specific audit requirements for jointly owned property (strata) developments and developer escrow accounts. Owners' associations managing jointly owned property in Dubai are required to maintain audited financial statements in accordance with RERA regulations. Developers collecting payments from off-plan purchasers are required to hold those funds in RERA-approved escrow accounts, subject to independent audit and withdrawal controls.
CashLaw Global provides RERA-compliant audit services for owners' associations and real estate developers operating in Dubai. Our RERA audit engagements cover the full scope of regulatory requirements, service charge account audits for jointly owned properties, escrow account audits for off-plan development projects, and compliance reporting in the format required by RERA and the Dubai Land Department.
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Book Free ConsultationMandated by the Real Estate Regulatory Agency (RERA), an escrow audit ensures that real estate developers utilize investor off-plan deposits exclusively for the construction of that specific real estate project, preventing the unauthorized diversion of project capital.
A JOP audit reviews the service charge accounts and reserve funds collected from unit owners by property management companies or homeowners' associations. It ensures that service charges are spent strictly on building maintenance, security, and utilities in line with approved RERA operational budgets.
Failure can lead to heavy administrative fines from Dubai Land Department (DLD), freezing of the project's escrow account, suspension of marketing/sales permissions, and structural blocks on future project registrations.