Dubai: With regard to the marketing of properties in Dubai, the Dubai Land Department (DLD) reported that only up to three permits will be issued and used to market or list one property.
Consequently, a maximum of three agents will be eligible, eliminating the myriad of fake, inaccurate and outdated listings starting 1st October.
Furthermore, once a property is sold, it is mandatory to immediately remove all promotional and advertising materials related to it as an agent cannot use an expired permit to sell. The new directive aims to regulate what consumers see on the market, to have an accurate and systematic approach in the procedures of the Dubai real estate industry. Buyers and sellers will benefit greatly as they will no longer see multiple agents ringing and chasing them for the properties.
What the Dubai Land Department wants:
- Prices and sizes of the marketed properties to be 100% accurate
- Secondary market properties cannot use permits issued for off plan to developers
- No misleading or fake properties can be advertised
Currently, the new regulation applies to secondary market sales but may soon cover off plan properties. Penalties for non-compliance will range from AED 50,000 for the first offence and up to AED 1 million for multiple breaches, even leading up to suspensions for the agents involved.
This move will dramatically improve the search experience for buyers and reward the agencies who thrive on reputation, merit and success rather than how many people they can cold call in a day.
As an estate agency living up to transparency and professionalism, We at Henry Wiltshire International, applaud this move and hope to see similar regulation in our market in Abu Dhabi soon. We often see it in a wreck because many agencies list fake and non-existent listings with incorrect market prices. These gravely affect buyers, sellers, landlords and tenants as they become victims of misinformation.
For professional advice on anything real estate related, contact us on +971 56 484 3380 today!
Source: Gulf News 02.09.2022