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Dubai brokers net Dh1.52b in 2016 commissions

Land Department restates need for transactions to involve only registered agents

Gulf News

Dubai: Those looking to buy or rent property in Dubai should tap the services of the 5,933 active brokers and not those without a valid licence from the Land Department. The registered brokers netted a combined Dh1.52 billion as commissions from 32,932 transactions. “Dealing with registered and certified brokers is central, and to guarantee their rights, customers and investors must take great care in verifying the accuracy of ownership data for all property before entering into buying, selling and leasing activities,” said Yousif Al Hashimi, Deputy CEO of Rera (Real Estate Regulatory Agency).

The Land Department regulates broker activities by issuing controls and protocols via its various specialised sections. These are designed to guarantee the rights of all parties. The department also runs comprehensive training programmes that qualify brokers for work in this sector.

UAE nationals ranked first in terms of the number of brokers, followed by Indian and Pakistani nationals.

The Land Department also has a “Dubai Brokers” app, which allows parties to enter ownership data and verify its accuracy for all properties.

According to Al Hashimi, “Brokers can download this application from the Play Store or the Apple Store’ to take advantage of the many services at their fingertips. It is a crucial tool for everyone operating in Dubai’s real estate sector, including brokers, property owners, investors and buyers.”

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