5 Aug 2013 (extracted from www.opp-connect.com)
News : Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up.
Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms to register all their available properties on the Simsari.ae multiple listing service by 31st August 2013, or face severe penalties. Simsari is an online real estate portal, founded in 2006 by two Dubai-based companies and subsequently acquired by the Dubai Land Department.
This is amidst a continuing boom in many sectors of the Dubai Real estate market.
Property sales in Dubai almost doubled during the first half of 2013.
Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up and – to many people’s surprise – set to become even more tightly regulated in the months to come.
The latest example of the country’s serious intent is that Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms selling property in Dubai to register every available property on the Simsari.ae multiple listing service by 31st August 2013. If they fail to do so they will face penalties. Simsari is a property portal owned by the Dubai Land Department (DLD) and Rera is the regulatory arm of DLD.
This move will greatly assist in enforcing existing laws about the sale of property and reduce abusive practices and what is seen as widespread confusion amongst buyers. It will also pave the way for new and more powerful regulations due later this year.
This comes amidst a continuing boom in many sectors of the Dubai real estate market, where property sales during the first half of 2013 have almost reached the level for the whole of 2012.
Yousif Al Hashimi, Director of the Real Estate Licensing Department at Rera, announced that total property sales for H1 2013 totaled AED 39 billion (USD 10.6 billion). These included the sale of land, villas, residential units (apartments and hotel apartments) and offices in freehold areas. Sales were AED 40 billion in the whole of 2012 and AED 34 billion during 2011.
Total commission earned by Dubai real estate agents during H1 has also almost doubled: AED 785 million (USD 213 million) compared with Dh800 million for the whole of AED 2012 and 700 million during 2011. Under Dubai law brokers receive one per cent of the deal value as a commission, unless parties agree otherwise.
Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms to register all their available properties on the Simsari.ae multiple listing service by 31st August 2013, or face severe penalties. Simsari is an online real estate portal, founded in 2006 by two Dubai-based companies and subsequently acquired by the Dubai Land Department.
This is amidst a continuing boom in many sectors of the Dubai Real estate market.
Property sales in Dubai almost doubled during the first half of 2013.
Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up and – to many people’s surprise – set to become even more tightly regulated in the months to come.
The latest example of the country’s serious intent is that Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms selling property in Dubai to register every available property on the Simsari.ae multiple listing service by 31st August 2013. If they fail to do so they will face penalties. Simsari is a property portal owned by the Dubai Land Department (DLD) and Rera is the regulatory arm of DLD.
This move will greatly assist in enforcing existing laws about the sale of property and reduce abusive practices and what is seen as widespread confusion amongst buyers. It will also pave the way for new and more powerful regulations due later this year.
This comes amidst a continuing boom in many sectors of the Dubai real estate market, where property sales during the first half of 2013 have almost reached the level for the whole of 2012.
Yousif Al Hashimi, Director of the Real Estate Licensing Department at Rera, announced that total property sales for H1 2013 totaled AED 39 billion (USD 10.6 billion). These included the sale of land, villas, residential units (apartments and hotel apartments) and offices in freehold areas. Sales were AED 40 billion in the whole of 2012 and AED 34 billion during 2011.
Total commission earned by Dubai real estate agents during H1 has also almost doubled: AED 785 million (USD 213 million) compared with Dh800 million for the whole of AED 2012 and 700 million during 2011. Under Dubai law brokers receive one per cent of the deal value as a commission, unless parties agree otherwise.
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