Thursday, April 25, 2019 10:36 AM

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Property brokers make US$230 million in commissions in first 9 months of 2018

Real estate brokers made US$230 million (Dh842 million) in brokerage commissions by selling properties in Dubai in the first nine months of 2018, according to Dubai Land Department (DLD), the emirate’s land and property registry.


As many as 5,622 brokers contributed to concluding 18,121 transactions in that period. Among these, 1,901 female brokers registered 5,617 transactions with commissions amounting up to Dh261 million. The report issued by the Department of Real Estate Studies and Research at DLD shows that brokers earned Dh429 million from land sales, Dh73 million from building sales, and Dh340 from residential unit sales.


Yousif Al Hashimi, Deputy CEO of the Real Estate Regulatory Agency (RERA), said: “Brokers play an important role in attracting international investors to Dubai’s real estate market, highlighting the market’s unique characteristics. DLD developed a comprehensive system to protect the rights of brokers in every successfully concluded transaction between the selling and buying parties.”


“The Department of Real Estate Studies and Research issues these figures on a regular basis, revealing the brokers’ efforts in promoting real estate projects across Dubai locally and internationally. Brokers are among our most important partners, especially as they exercise their duties with the highest degree of honesty and integrity while adhering to the procedures and standards set by DLD.”


Al Hashimi stressed that 5,622 brokers contributed to enhancing the vitality of the sector during the reporting period. The brokers have played a crucial role in the sustainable growth of Dubai's real estate sector from one quarter to another on an annual basis, he said.


The number of accredited permits issued by DLD to real estate brokers — representing 2,436 offices — amounted to 4,686.


Al Hashimi advises all customers to choose licensed and accredited real estate brokers and urges them to ensure that the broker holds a ‘Certified Real Estate Broker’ card. DLD follows a broker accreditation mechanism to establish a secure real estate environment for all parties in the market that relies on the systems, legislation, and controls that regulate this activity. The brokers contribute to supporting DLD’s vision by enhancing the movement of real estate transactions in the Emirate.


DLD organises training courses through the Dubai Real Estate Institute (DREI), including the intensive primary course that rewards successful applicants a ‘Certified Real Estate Broker’ card upon its completion. Additionally, DLD provided the ‘Dubai Brokers’ app through which anyone can enter property ownership details to verify and validate any of the property’s information for involved parties. The Real Estate Licensing Department at DLD encourages all real estate brokers to download this application to ensure that the required data is verified before selling or leasing a property.