UAE nationals top list of Dubai real estate brokers

Followed by Indians and Pakistanis: Rera

UAE nationals top the list of real estate brokers in Dubai, followed by Indians and Pakistanis, according to Real Estate Regulatory Agency (Rera).

In the first nine months of 2012, the total number of real estate brokers reached 3,094.

Six hundred and twenty UAE nationals currently work as real estate brokers, while Indians come second with 438 brokers. Pakistanis take the third position with 428 followed Britons at 304. Egyptians stand fifth with 160 brokers while Filipinos were 10th with 59.

Yousef Al Hashmi, director of Rera's Real Estate Licensing Department, called on UAE nationals to maintain their prominent presence in this profession due to their experience and knowledge about the UAE’s real estate market.

He stressed Rera’s success in controlling and organising the profession and brokerage firms, emphasising that it is not possible for individuals or companies to undertake brokerage activities without registration in the brokers’ register in Dubai created by Dubai Land Department in accordance with by Law No. 85 of 2006.

In order to bring transparency in the market and control broker activities, Rera has unveiled plans to fine brokers instead of their brokerage firms if the former was found to have misled investors, co-operated with unlicensed brokers or made phone calls to their clients to promote/advertise a project.

Rera imposed fines totaling Dh900,000 on 22 real estate companies and brokerage firms during the first half of 2012 for violations such as hiding information from investors; co-operation with unlicensed brokers; failure to maintain privacy of firm and client; using telephone calls for promotions and advertisement purposes without obtaining official approval and arranging deals without the knowledge of their accredited office.


 

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