FROM THIS WEEK ADVERTISING OF THE REAL ESTATE IN DUBAI WILL REQUIRE THE STATE APPROVAL
From this Sunday all announcements concerning the real estate in Dubai will be acknowledged illegal without the corresponding permission from Agency on regulation of the real estate market (RERA).
В Sunday in the UAE new rules according to which all announcements concerning the real estate in Dubai shall appear with the permission of Agency on regulation of the real estate market (RERA) come into force.
The real estate agents working in the emirate received this week the informing document from Marvan bin Akhmeda Gkhalit, the CEO of Rera. In it it is reported that all brokers shall address to Land department of Dubai (DLD) for receipt of permission either through the website, or through new system of servicing Trakhees.
Permissions are necessary for any kinds of announcements of the real estate, including in printed media, as advertizing on radio, websites and on social networks.
Since Sunday any promotion of offers in real estate field without proper permission will be rejected, and violation will be followed by legal claims.
Ali Abdullah of Al Ali, the director of the department of licensing of the real estate in RERA, reported to the Arabian Business edition that new permissions can be provided immediately if brokers and their services correspond to required conditions. Otherwise the procedure will occupy at most two working days. In a separate conversation with the The National edition of Al Ali told that new requirements take root within fight against a fraud in real estate field and false advertizing.
Brokers of Dubai treated this measure capable to increase transparency favourably and to add professionalism to the market, having eliminated unfair advertizing. Nevertheless, they warned that rules can turn back also difficulties in sales process of the real estate and leasing.
Matt Green, the head of research in CBRE in the Middle East and North Africa, told: "It is one more step on the way to improvement of regulation of the broker environment and ensuring honesty of agents."
However it expressed a concern about the fact that rules can become also a certain burden for an industry.
David Godcho, the CEO of Core Savills, noticed that he is pleased by Rera care, but he also warned about potential problems.
"It is possible to issue also 20 laws, but, perhaps, ensuring compliance with the existing laws will bring the same result" — he assumed.
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