Land Department says commission earned on real estate deals worth over AED39bn
Property brokers in Dubai picked up commission totalling AED785m ($213.7m) in the first half of 2013, according to the Government of Dubai Land Department.
Property intermediaries, companies and individuals - registered under RERA, the regulatory arm of the Dubai Land Department, receive a standard two percent 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 RERA said the commission was made on real estate deals worth over AED39bn in the first six months of the year in the emirate.
"Gauging commission has become more accurate thanks to the on-going work of the LD 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," Al Hashimi said.
It is no longer possible for any individual or company to carry out real estate activities without being registered with RERA, and the authority in turn has been able to instill more confidence and transparency with regards to these transactions, he added.
Last week, Dubai's Land Department said that the emirate saw a total of AED53bn($14.4bn) worth of real estate investments in the first half of 2013.
Sultan Butti Bin Mejren, director general of the Land Department hailed Dubai's real estate market as a "lucrative one for its stability, diversity and promise of high return on investment".