Property brokers being monitored to avoid market speculation

12.09.2014
The Real Estate Regulatory Agency is vigorously involved in monitoring brokerage activities in the city to avert widespread  speculation and ensure a stable thriving property market. The Real Estate Regulatory Agency (Rera) revealed that Dubai is actively working on monitoring brokerage activities in the city, to prevent market conjecture. The Agency Chief announced that real estate brokerage firms who engage in any speculation or unsolicited calls with brokers are given a warning first and if they continue to breach the rules, they are fined up to AED 50,000, reported by Emirates 24/7.
Marwan bin Ghalita, Chief Executive Officer at Rera, the regulatory division at Dubai Land Department (DLD) stated that the agency’s aim is to thwart any adverse effects on the property market and promote stable and consistent growth. For this purpose the agency has put together an effective system that consists of guidance policies, laws and regulations to assist brokers in their work.  The overall aim is to safeguard the right of all parties.
Organizers of Cityscape Global with the support of DLD will be holding the region’s first Real Estate Brokers Summit, with the goal of informing all parties involved in the real estate business of the current procedures, policies and laws prevalent in the industry. The participants of the conference will also get the opportunity to get a detailed understanding of the laws. This will help them counsel clients, multiply transactions in the market and better prepare themselves in light of changing regulations.
Property prices in Dubai saw a 20% rise last year. However, this has slowed down in 2014, after DLD increased property registration fee to 4%. This move was adopted by DLD to regulate quick sales and the UAE central bank placing a mortgage cap.

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