DUBAI – All uncertified brokers will be banned from registering real estate transactions with effect from Sunday, according to the new bylaw announced by the Land Department, Government of Dubai.
From February 4, the Department will no longer register transactions carried out by real estate brokers who have not been certified under its new scheme announced last week where in its first batch of brokers were awarded their certificates and cards.
The move is to underpin the Emirate’s mushrooming multi-billion dollar property sector at a time when demand from international investors in particular is soaring.
“The new initiative signals our commitment to ensuring that land transactions in Dubai are foolproof, secure, and transparent and supported by competent, professional people,” said Khamis Mohammed Al Muhairi, Head of the Department, Land Evaluation and Studies Centre.
Sources indicate that the Department has acted quickly and forcibly to support its initiative to certify all local real estate brokers as it bids to institute a fully professional framework for transactions involving Dubai property.
Muhairi said that Dubai real estate has become an international commodity. Transaction processes and personnel have to meet the expectations of this huge and sophisticated marketplace and the Department is determined to make sure this happens.
The new brokerage registration system was the outcome of extensive studies and research done through the Land Evaluation and Studies Centre and followed an extended period of consultation with real estate agencies in Dubai. Officials from the land have taken feedback on the new broker certification system and have seen a positive response from the industry.
“The processes involved in broking real estate transactions and perceptions within the industry and from investors will benefit hugely from the changes that are taking place. We are setting the benchmark for professional services around real estate transactions in the region and the new bylaw on broker registration is a massive step forward,” Muhairi adds.
Abdullah Al Shehhi, a real estate broker said, “the new system is the result of forward thinking by the Land Department and can only benefit the sector in Dubai. I firmly believe that it will add value to the real estate market.”
Another real estate broker Mohammed Saeed Ghanh said, “the new legal framework for brokers will have a positive impact on the real estate market and will place Dubai at the forefront of the regional industry and a model for professional real estate brokerage services.”
Source: Khaleej Times