Property brokers — some operating in the traditional rental market — need to be brought under tighter vigilance as some of them still dare to defraud customers, despite strict guidelines by Dubai’s property regulator, Real Estate Regulatory Authority (Rera). The latest news concerning one such agent’s disappearance from the market, after siphoning out money from customers, reflects the fact that some people are still misusing the system and are able to get away with it. Tenants have once again been taken for a ride.
Although there is a good regulatory regime in place, the latest incident raises concern and needs to be dealt with an iron fist. The shareholders of the company should be chased to their home countries for violating the law of the UAE and defrauding people here. In a globalised world where personal whereabouts are not difficult to track down, law-enforcing agencies should be able to track them down.
Rera should name and shame those companies, in addition to pursuing legal steps. There should be a system of rating companies based on their performance, including the option to black-list and ban them.
