Dubai Land Department and its RERA division have recently released a new directive aimed at increasing transparency of all transactions at the emirate’s housing market.
This time Dubai authorities’ initiative regards the regulation of all property advertisements brokerage agencies put on behalf of landlords. Now, in order to market a property unit (either an apartment or a whole project) through adding ads in press, on radio and on the web, as well as in all social networks, the broker or brokerage agency must have a written permission from the property owner. Then another permit to market the property will be issued through the RERA’s e-service system.
“The property owner is required to sign Form A to authorise brokerage offices to market any properties, in order for any broker to obtain permission from Dubai Land Department to represent properties for sale or for lease. The landlord is permitted to deal exclusively or with more than one real estate broker for the marketing of any property,” said the statement made by RERA.
This DLD initiative is expected to reduce the number of improper ads often put on media by rogue brokers, which confuse potential property buyers and tenants about the real housing prices and about the real units truly available for purchase.
According to Ali Abdullah Al Ali, Director of the Real Estate Licensing Department at the government entity, “We regulate the process of advertisements within a specific agreement that defines the role of each party involved in any real estate sales or rent with total precision, which will guarantee the rights of all parties, including landlords, investors and brokers.”
DLD has recently intensified its efforts to ensure maximum transparency of all processes in the Dubai property market. Innovations have touched the sphere of property will probating, as well as rental disputes settlement, and generating a new, more precise Rental Index through revaluation and checking the quality of all Dubai buildings. Besides, DLD has also issued a new circular requiring all brokers to check the ownership of the property unit for sale before closing a sales transaction.
Thus, given that Dubai's real estate market is getting more and more strictly regulated, it’s always better to turn to a time-tested and reliable brokerage agency, having all the necessary permits, when you want to sell, rent or purchase property in the "future city". This way you’ll ensure yourself a simple and transparent transacting process when dealing with real estate in Dubai. Please, feel free to turn to IMEX Real Estate — our 10 plus years of experience at the emirate’s real estate market, as well as our reliability and professionalism will guarantee you the right approach. Entrust your choice to professionals!