Better days for Dubai Real Estate industry are here. Since the passing of the new law by DREI (Dubai Real Estate Institution), we have seen a systematic and safe process in ensuring the advertised property is genuine, protecting both the landlords and end-users’ interest.
The law requires real estate companies to submit documents to apply for a permit in order to advertise a property either for buying a property or renting out a property. Applied through the Trakheesi system, the fee is borne by the assigned Real Estate brokers who need to submit the following:
Upon submitting the requirements, Dubai Land Department will issue a unique RERA Permit No. and the brokers can now advertise.
Be it an office space for rent, a studio apartment, 2 or 3 bedroom apartment, property owners need to provide the documents listed above for each property they want to list for sale or rent, further to which the Real Estate agent will apply for the necessary permit to legally advertise the same. This will help increase trust in the broker from the client and the end customer as well as reduce fraud or false listing.
This regulation comes as a blessing in disguise for the bad press and name in the market due to the rouge agents with false listings and prices. Even though this may spell as a doom with regards to paperwork and cost, it will also help make the process of buying or renting a house, reliable and transparent.
Real Estate firms who are advertising properties without permit will be penalized and requires to pay a fine of AED 50,000.
With the new law in place, one can hope that the whole process of buying or rent an apartment, a townhouse, among others will ease the rental and buying process and free from fraud and scams.
Do you want to feature your property on our website and offer it to our large database of clients? List your property with Rocky Real Estate today.
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