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Tue 17 Jul 2018 02:05 PM

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Dubai real estate brokers see commissions slump by $68m in H1

Commissions reach $155m during first half of 2018 compared to $223m in the year earlier period

Dubai real estate brokers see commissions slump by $68m in H1

Real estate brokers in Dubai made commissions totalling AED571 million ($155 million) in the first half of 2018, according to statistics released by the Dubai Land Department (DLD) on Tuesday.

The figure represents a significant decrease on the AED820 million commissions earned during the first six months of 2017.

It said Dubai currently has 5,181 active brokers — representing 2,113 offices, who carried out nearly 3,000 transactions during the six-month period.

The Department of Real Estate Studies and Research added that the number of female brokers working in the real estate sector was 678.

Yousuf Al Hashimi, deputy executive director of DLD's Real Estate Regulatory Agency said: “We appreciate the essential role played by authorised and licensed real estate brokers, and we encourage customers to choose brokers who hold ‘real estate broker’ identification cards.

"The accreditation system for brokers that was set in place by Dubai Land Department was initiated to sustain a secure real estate environment for all parties in the market.”