The total value of brokerage commissions made in Dubai’s real estate market this year stood at over $353m until the end of September for the 6,200 brokers active in the emirate’s property sector, according to data revealed by the Dubai Land Department (DLD).
A statement from the DLD said that these commissions were made on land, building and unit sales amounting to a total value of $17.86bn. Brokers received a commission of $165.2m from total land sales of $8.26bn, $29.9m from building sales amounting to $1.5bn, and $162m from unit sales of a total $8.09bn, bringing the total commission to $353m in nine months.
Yousef Al Hashmi, deputy executive director of the Real Estate Regulatory Authority (RERA) – the regulatory arm of DLD – said: “Brokers play an essential role in our sector, attracting investors from around the world and highlighting the distinctive characteristics of our real estate market. Dubai has developed a comprehensive system to protect the rights of brokers in each transaction they conclude following successful reconciliation between the parties to the sale and purchase.”
The DLD statement added that the department recently launched the ‘Dubai Brokers’ application, claimed to be the first of its kind in the world, which provides up-to-date information on licensed Dubai real estate brokers and companies that are approved by the DLD.
The application allows investors to verify whether a real estate broker is registered with the DLD, protects the rights of customers, enhances speed and confidence, and enables the purchase and sale of properties both smartly and securely, said the statement.