Real estate brokers in Dubai made commissions of more than AED1.3 billion ($350 million) during the first nine months of 2017, it was revealed on Monday.
Dubai Land Department (DLD) announced the level of commissions between January and the end of September, adding that a total of 6,200 brokers are currently active in Dubai’s real estate market.
Real estate brokers achieved the commissions after securing land, building and unit sales with a total sale value of AED65.626 billion.
Brokers received a commission of AED607 million from land sales amounting to AED30.368 billion, AED110 million from building sales amounting to AED5.515 billion, and AED595 million from unit sales amounting to AED29.744 billion, the official figures showed.
Yousef Al Hashmi, deputy executive director of RERA – the regulatory arm of DLD – said: "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.”
DLD recently launched the Dubai Brokers application, which provides accurate and up-to-date information on licensed Dubai real estate brokers and companies.
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.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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