Dubai Land Department (DLD) has 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.
Yousef Al Hashmi, Deputy Executive Director of RERA – the regulatory arm of DLD – commented: “Brokers play an essential role in our sector, attracting investors from around the world and highlighting the distinctive characteristics of our real estate market. Dubai has developed a comprehensive system to protect the rights of brokers in each transaction they conclude following successful reconciliation between the parties to the sale and purchase.”
Real estate brokers achieved these commissions after securing land, building and unit sales with a total sale value of AED 65.626 billion. Brokers received a commission of AED 607 million from land sales amounting to AED 30.368 billion, AED 110 million from building sales amounting to AED 5.515 billion, and AED 595 million from unit sales amounting to AED 29.744 billion, bringing the total commission of real estate brokers to AED 1.3 billion in nine months.
DLD recently launched the ‘Dubai Brokers’ application, which is the first of its kind in the world and provides accurate and up-to-date information on licensed Dubai real estate brokers and companies that are approved by DLD.
The application allows investors to verify whether a real estate broker is registered with DLD, protects the rights of customers, enhances speed and confidence, and means that properties can be purchased and sold both smartly and securely. DLD encourages all individuals involved in brokerage services to download the application for a quick and easy way to identify the best real estate brokers according to their performance indicators and efficiency.