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 Real Estate agents have 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.
Advertising properties for sale or rent an apartment, a townhouse or an office space, without permit leads to a fine of AED 50,000 for the Real Estate Company.
With the new law in place, one can hope that the whole process of buying or renting a space, be it a studio apartment, a town house, an office space or even larger apartments, will ease the rental and buying process which is an important decision and investment for many.