Registered property agents’ earnings reflect buoyant property sector.
The Dubai Land Department ( DLD ) has announced that the total value of real estate brokers’ commissions for 2013 totalled over AED 1.8 billion for all transactions. The figure encompasses the amount of commission earned by property brokers registered in the Real Estate Regulatory Agency (RERA), DLD ‘s regulatory arm, with the sum representing two per cent of the total value of recorded deals.
“We have seen these high commissions because of the increased activity in the real estate market and in other economic sectors across Dubai,” said Yousif Al Hashimi, Deputy CEO of RERA. “The impressive figure is mainly due to the optimistic atmosphere among investors, particularly over the past few months – a period in question that saw many regulatory initiatives launched by DLD and also witnessed Dubai’s winning bid to host Expo 2020,” he added.
A recent report issued by DLD revealed that the total real estate sales for 2013 reached AED 93.2 billion, with transactions comprising all sales operations, such as selling usufruct, registering deferred sales and registering land addition by sale. The figure was calculated from the recorded buying and selling of different types of real estate units, including apartments, hotels and commercial offices in freehold areas.
“We are keen to follow the highest standards of quality in order to guarantee the rights of all dealers in the market, as well as ensuring the implementation of transactions in an easy, smooth and accurate way,” said Al Hashimi. “We are able to achieve this by tracking all activities through our comprehensive database, which records all real estate activities across the emirate,” he added.
Hashimi reiterated that no individual or company is permitted to work in real estate brokerage unless they are officially registered with RERA, pursuant to Regulation No. 85 issued in 2006. This mandatory requirement identifies the names of individuals and companies engaged in property brokerage and records the rights and responsibilities of all stakeholders in the market. This stipulation, he said, is essential to ensure maximum transparency and competitiveness within Dubai’s property sector, as well contributing significantly to DLD ‘s efforts to be the first choice global real estate environment for attracting investment.
