Property brokers' commission stood at Dh1.5b last year in Dubai
Property brokers registered in the Real Estate Regulatory Agency (RERA), Dubai Land Department's (DLD) regulatory arm, earned Dh1.5 billion commission last year, according to DLD report.
DLD announced that the total value of real estate brokers’ commissions for 2016 totaled over Dh1.5 billion from 32,932 transactions, while Dubai’s real estate market also attracted 5,933 active brokers and 2,285 registered brokerage offices.
Yousif Al Hashimi, Deputy CEO of RERA said, "Brokers and real estate offices play a vital role in promoting the real estate market in Dubai. DLD has ensured the legality of their activities by issuing legislations that guarantee the rights of all parties, and by introducing numerous training courses. These are designed to help brokers and real estate offices work efficiently and transparently, provide excellent customer service and answer all inquiries professionally."
DLD’s report reveals that UAE citizens ranked first in terms of the number of brokers in the market, followed by Indian nationals and Pakistani nationals, who have also achieved excellence in this field. In descending order, the other most active nationalities in the real estate market were discovered to be the UK, Egypt, Russia, Lebanon, Jordan and the Philippines.
The report also confirms the growing presence of women brokers in Dubai’s real estate market; today there are 1,946 women working in this field, compared to 3,987 men, representing 33% of the total numbers of brokers.
Brokers and real estate offices operating in the Emirate secured a high income from commissions for their services to investors and real estate development companies across the world. Together, they performed 32,932 transactions amounting to Dh1.52 billion.
Al Hashimi concluded, "The high volume of brokerage activity in Dubai is a reflection of the excellent health of the local real estate market. With its incentive environment, the market attracted huge numbers of brokers from around the world, promoting Dubai real estate both locally and globally."
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