Wednesday, Jun 07, 2017

Dubai

The 5,856 licensed real estate brokers in Dubai together pulled in Dh403 million from transactions in the first three months, with land sales alone accounting for Dh189 million and property a further Dh176 million. Their involvement in deals for entire buildings netted another Dh38 million.

The Dubai Land Department is now calling on brokers to become even more transparent in their operations. A circular was issued by Rera (Real Estate Regulatory Agency) “by which all estate agents’ offices in the emirate are obliged to verify the accuracy of their property data through the “Dubai Brokers” app,” said Yousuf Al Hashimi, the Deputy CEO of Rera, which is the regulatory arm of Land Department. “This regulation has been implemented in order to safeguard the rights of all investors.”

In the recent past, Dubai has raised the bar on how brokers are expected to operate and what they should do in order to do that. It is in this context that the app was launched for brokers.

What it does is offer up-to-date information on licensed operators and brokerage firms registered with Rera.

The application classifies brokers by measuring their performance indicators and efficiency, which allows investors to select highly qualified real estate agents who can provide the specific services they require. It classifies brokers according to the projects they specialise in and the number of transactions completed, as well as by the details of the properties they handle. In addition, the app features a Dubai map that displays all real estate units.

In addition, it classifies Dubai based brokers according to their nationalities. “This ensures that investors can choose the nationality of their broker and guarantee they will be able to access information in their language and in accordance with their cultural values and needs,” said a statement from the Land Department.

Among the other services users can source from the app, there is one allowing them to verify ownership certificates by entering the information or scanning the certificate bar code. This speeds up the transaction process, reduce costs, and minimise the risk of manipulation or fraud.

The app also offers an e-card service for agents, which serves as a “smart” substitute for traditional printed cards. It can also issue real estate permits.

The app also enables the purchase and sale of property through the establishment of contracts — a procedure that can be completed through property registrar offices in Dubai. “This reduces the time required to complete the transfer of ownership, which raises the level of service delivery and customer satisfaction while also reducing costs,” the statement added.

“We are closely monitoring brokers and focusing on developing proactive solutions to any downfalls in their performance,” said Al Hashimi.

As of the first quarter, UAE citizens ranked first in terms of number of brokers, followed by Indian and Pakistani nationals.

Staff Report

Gulf News 2017. All rights reserved.