Dubai takes steps to regulate real estate marketing

Dec 07, 2016 – Dubai’s Real Estate Regulatory Agency (Rera) has made it mandatory for property owners to sign an agreement authorising real estate brokers to carry out their marketing campaigns under a new system to regulate real estate marketing, said a report.

The regulatory arm of Dubai Land Department (DLD) affirmed that the signing of the Real Estate Marketing Agreement will result in the issuance of permits through its e-service system, said the state news agency Wam.

All Dubai real estate advertisement mechanisms will be regulated through this system, with Rera facilitating marketing agreements between the landlords and the brokers through its Form A, it stated.

Under the new system, the property owner is required to sign Form A to authorise real estate brokerage offices to market any properties, in order for any broker to obtain permission from DLD to represent properties for sale or for lease. The landlord is permitted to deal exclusively or with more than one real estate broker for the marketing of any property, said the report, citing a senior official.

The new system is aimed at helping DLD establish safe and attractive property investments, remarked Ali Abdullah Al Ali, the director of the Real Estate Licensing Department.

“We aim to enhance the growth of our real estate industry, in order to further develop the local economy. To support these objectives, DLD works towards strong and effective regulation of the Dubai real estate industry,” he noted.

“We regulate the process of advertisements within a specific agreement that defines the role of each party involved in any real estate sales or rent with total precision, which will guarantee the rights of all parties, including landlords, investors and brokers,” he added.

Source:- http://www.ft.lk/article/584411/Dubai-takes-steps-to-regulate-real-estate-marketing

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