Dubai Land Department (DLD) has announced that over AED 820 million worth of brokerage commissions were made in Dubai’s real estate market between the beginning of January 2017 and the end of June this year.
Yousuf Al Hashimi, Deputy Executive Director of RERA – the regulatory arm of DLD – commented: “Brokers play an essential role in our sector, representing the forefront of real estate activity, acting as a very important link between sellers and buyers, and also offering a wide range of services for investors. Our brokers come from a variety of different nationalities, so they have the ability to provide a true picture of the global investment environment that characterises Dubai. As part of their rights, there is a set of laws that defines and regulates their commissions.”
Another DLD report on the activity of brokers and real estate offices in the first half of 2017 revealed that there are now 5,856 active brokers and 2,340 offices registered in its database. Brokers support DLD’s vision by driving real estate transactions and helping to position Dubai as the world’s premier real estate destination and a byword for innovation, trust and happiness.
In recognition of their importance, DLD has launched an awareness campaign about the ‘Dubai Brokers’ application, which is the first of its kind in the world and one of the most important applications issued by the department. It provides accurate and up-to-date information on licensed Dubai real estate brokers and companies that are approved by DLD.
The application is designed to reach a large number of beneficiaries including Landlords and real estate investors. It allows investors to verify whether a real estate broker is registered with DLD, protects the rights of customers, enhances speed and confidence, and means that properties can be purchased and sold both smartly and securely. DLD encourages all individuals involved in brokerage services to download the application for a quick and easy way to identify the best real estate brokers according to their performance indicators and efficiency.