Transparency and professionalism will increase within Dubai's real estate sector after a new agreement between the Real Estate Regulatory Agency (RERA) and the Ministry of Labour (MoL), officials said on Sunday.
The deal will see real estate brokers in the emirate officially recognised as a separate professional category - allowing RERA to further clampdown on rogue operators.
New labour cards and residency visas issued to property brokers will now include their specific job title, replacing the previous practice of categorising them all as sales staff, RERA said in a statement.
Marwan bin Ghulaita, CEO of RERA, said the aim of the move was to increase transparency and professionalism in an industry that has been hit hard by the impact of the global economic crisis.
"This is the first step towards a complete classification of the real estate professions in Dubai."
Last year, RERA announced plans to stop freelancers from operating in the emirate's property sector under an agreement signed with the Department of Economic Development (DED).
Bin Ghulaita added: "The overall effect will be to increase transparency and professionalism across the sector. This in turn will boost confidence in property dealings and in the networks of agents and third parties investors depend on to execute their transactions."
RERA is close to finalising a comprehensive agreement with the MoL which will see all the professions it registers - such as valuers, consultants, mortgage brokers, agents, and surveyors - formally recognised as separate job categories by the Ministry.
"The Ministry has now approved the first step of officially recognising broker as a professional category and this will be included in all the related professional and operations documents," Bin Ghulaita said.
The step effectively completes a three-stage formal approvals procedure of registration, licensing and now labour permit and residency visa to support RERA's campaign to outlaw rogue practitioners.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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