Dubai Land Department (DLD) has announced that the real estate brokerage commissions reached AED 571 million during the first half of 2018, with a total of 5,181 active brokers — representing 2,113 offices — contributing to the sustainable growth achieved by the sector.
To put the numbers in perspective, last year Dubai Land Department announced that over AED 1.3 billion worth of brokerage commissions were made in Dubai’s real estate market between the beginning of January 2017 and the end of September this year, with a total number of 6,200 active brokers working in Dubai’s real estate market.
The Department of Real Estate Studies and Research also reported that the activities of the brokers and real estate offices during the report’s period were transparent, amounting to 2,978 transactions that generated a total commission value of AED 571 million. In addition, the number of contributing female brokers working in the real estate sector was 678.
Yousuf Al Hashimi, Deputy Executive Director of Real Estate Regulatory Agency commented: “We appreciate the essential role played by authorised and licensed real estate brokers, and we encourage customers to choose brokers who hold ‘real estate broker’ identification cards. The accreditation system for brokers that was set in place by Dubai Land Department was initiated to sustain a secure real estate environment for all parties in the market. In addition, certified brokers contribute to support the vision of DLD by enhancing the process of real estate transactions in the Emirate.”
DLD develops regulations and legislations to guarantee the rights of customers and brokers. It also organises training courses, including the intensive primary course that rewards successful applicants a ‘Certified Real Estate Broker’ card upon its completion.
Additionally, DLD provided the ‘Dubai Brokers’ app through which anyone can enter property ownership details to verify and validate any of the property’s information for involved parties. The Real Estate Licensing Department at DLD encourages all real estate brokers to download this application to ensure that the required data is verified before selling or leasing a property.