Proposed rule comes in the wake of recent real estate scams in the emirate
Dubai’s real estate market regulator is considering a proposal to revise the licensing rules and regulations of the real estate management and leasing companies, following recent real estate scam cases in the emirate.
“Following the recent real estate scam cases in the Dubai market, the department is proposing to getting stricter with its licensing measures,” said Yousuf Al Hashemi, senior director of the Real Estate Licencing Department at the Real Estate Regulatory Agency (RERA).
The proposed rules will apply to existing real estate companies across the emirate at the time of licence renewal.
“Regulating the real estate brokerage profession aims at clarifying relations between different parties, clients and firms in order to protect the rights of clients against any violations of laws and professional ethics by real estate brokers,” said Al Hashemi.