Staff Report
Dubai, UAE
Dubai Land Department said, it has fined 256 real estate brokers, or 56.88 percent of the 450 brokers it inspected during the first half of 2024. It has also issued warnings against 1,200 advertisement campaigns, or 78.43 percent of property advertisements out of 1,530 advertisements inspected by the inspectors for violations.
All real estate activities, be it advertisement or property listings, need to be pre-approved by the Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD).
Market analysts say, the number of violation is alarmingly high, compared to international real estate markets, which they attributed to the fact that the market practices are still evolving and certain players might not be aware of the latest set of regulations.
“As most of these advertisements are placed on online real estate portals, the brokers sometimes list same properties under their names and in some cases do not remove them from the portal after the property sells out, resulting in confusion,” said a real estate analyst, requesting anonymity. However, the fines imposed against violations will go a long way to establish discipline and strengthen transparency.”
DLD released data showing that the Real Estate Control Department inspected 450 companies and real estate projects in the field and conducted 1,530 inspections on their advertisements. This led to over 1,200 warnings issued and fines imposed on 256 brokers who did not meet advertisement regulations.
“This effort aims to enforce rules and improve Dubai’s real estate market by ensuring compliance and stability. The goal is to make Dubai’s market more appealing and stable,” DLD said in a statement. “Dubai Land Department is planning to use artificial intelligence to monitor advertisements, which will be implemented soon. This is expected to enhance control processes and lessen violations.”
The inspections aim to guide broker compliance with the terms and conditions for advertisements, specifically having a QR code that meets requirements, is scan-readable, and that the ad data matches the code authorisation.
Ali Abdullah Al Ali, Director of the Real Estate Control Department at RERA, said, “These operations are part of the regular monitoring conducted by the Real Estate Control Department to enhance market transparency and integrity and protect investors and customers rights.
“We continuously work on developing monitoring and inspection mechanisms so that all parties comply with the regulations governing the real estate sector in the emirate. We are committed to applying the highest global regulatory standards. We urge all real estate brokers and companies to fully adhere to the instructions and directives issued by DLD to maintain the market’s sustainability and development. We also call on the public not to engage with any property advertisement not approved by DLD.”
END
Also Read: DLD fines three developers Dh1.5 million for non-compliance with escrow regulations
