Dubai Land Department (DLD) has warned that transactions involving the sale or lease of a property should be carried out by register brokers and offices in order to safeguard against potential issues and complications.
A total of 32,932 transactions amounting to of $414 million (AED 1.52 billion) were performed by 5,933 active brokers and 2,285 registered offices in the real estate market of Dubai last year, according to the latest DLD report.
DLD has said property transactions should only be carried out by accredited and licensed real estate brokers who hold a real estate broker card issued by the department.
“Our mission is to create a secure and sustainable real estate environment in Dubai, and this informs all of our operations and services,” said Yousif Al Hashimi, deputy CEO of Real Estate Regulatory Agency (RERA) the regulatory arm of DLD.
“Dealing with registered and certified real estate brokers is central to achieving this, and to guarantee their rights, customers and investors must take great care in verifying the accuracy of ownership data for all property before entering into buying, selling and leasing activities.”
Al Hashimi urged brokers, prior to the sale or lease of any property, to use the DLD’s Dubai Brokers smart application, which allows parties to enter ownership data and verify its accuracy for all properties. He said the app, available from Google Play Store or the Apple store, is designed to help brokers successfully close deals “free of errors and complications”.
“It is a crucial tool for everyone operating in Dubai’s real estate sector, including brokers, property owners, investors and buyers,” he said.
DLD’s report revealed that UAE citizens ranked first in terms of the number of brokers in the market, followed by Indian nationals and Pakistani nationals. In descending order, the other most active nationalities in the real estate market were from the UK, Egypt, Russia, Lebanon, Jordan and the Philippines.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.