Dubai property brokers earn over Dhs1bn in commissions

The number of active brokers in Dubai’s real estate market currently stands at 6,200

Real estate brokerage commissions in Dubai reached over Dhs1.3bn during the first nine months of the year, the Dubai Land Department (DLD) has announced.

The number of active brokers in Dubai’s real estate market currently stands at 6,200.

The commissions were secured from the sale of land, building and unit sales with a total value of Dhs65.626bn between January to September, the DLD said.

Brokers received a commission of Dhs607m from land sales (which reached Dhs30.368bn in total); Dhs110m from building sales (which stood at Dhs5.515bn); and Dhs595m from unit sales (which amounted to Dhs29.744bn overall).

Yousef Al Hashmi, deputy executive director of RERA – the regulatory arm of DLD – said: “Brokers play an essential role in our sector, attracting investors from around the world and highlighting the distinctive characteristics of our real estate market.

“Dubai has developed a comprehensive system to protect the rights of brokers in each transaction they conclude following successful reconciliation between the parties to the sale and purchase.”

DLD recently launched the ‘Dubai Brokers’ application, which provides accurate and up-to-date information on licenced real estate brokers and companies that are approved by DLD.

“Brokers play an essential role in our sector, attracting investors from around the world and highlighting the distinctive characteristics of our real estate market."

The application allows investors to verify whether a real estate broker is registered with DLD, protects the rights of customers, and ensures that properties can be purchased and sold securely.

It also identifies the best real estate brokers according to their performance indicators and efficiency.

Dubai’s real estate market has been seeing an improvement in sales and recorded a 16.8 per cent increase in the total value of real estate transactions in the first half of 2017, compared to the same period last year.

The value of transactions for the first half totalled Dhs132bn compared to Dhs113bn in the first half of 2016, the DLD said.

This article was originally published here on gulfbusiness.com

The article image was originally published here on shutterstock.com