9.07 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Property brokers earned Dh785m

Published
By Parag Deulgaonkar

Total commission earned by real estate agents and brokerage firms reached Dh785 million in the first six months of 2013, according to Dubai Land Department.

Brokers in the emirate receive two per cent commission based on the value of the transaction, unless both parties agree on a different amount.

Yousif Al Hashimi, Director of Real Estate Licensing Department in Real Estate Regulatory Agency (Rera) said that the commission figures were an indication of real estate deals that include the lease and sale of both commercial and residential units with a total value of over Dh39 billion for the first half of the year.

"Gauging commission has become more accurate thanks to the on-going work of the DLD to establish a comprehensive database for the industry.
“These figures are important as they allow us to assess trends and determine the value of growth in the sector.”

Last month, DLD said the total value of property transactions in the emirate rose by over 30 per cent to reach Dh108 billion compared to Dh80 billion registered in first half 2012.

In December, Emirates 24|7 reported that total commission earned by real estate agents had touched Dh800 million by end of November. In 2011, brokerages had made Dh700 million.

Brokers in check

To ensure that property agents adhere to the regulatory guidelines, Rera mooted the idea of having brokers being fined than their companies if they were found to have misled investors, co-operated with unlicensed brokers or made unsolicited phone calls to their clients to promote/advertise a project.

Currently, a fine of Dh50,000 is imposed on brokerage firms if they are found violating regulations despite warnings.
The fine increases to Dh100,000 for repeated violations and even to blacklisting and cancellation of license.

And to bring an end to “ghost” listings and post a rent scam being unearthed, Rera has launched Simsari, the official multiple listing service.

Properties registered on simsari.ae get a single and distinct number, which prevents repetition.

The system guarantees the accuracy of information and aid in updating real estate reports.