Foreign Investors Invest Billions Of Dirhams In The Emirate’s Real Estate Each Year. The Industry Has Been Recovering Strongly Since The Pandemic, As Evidenced By The Record-High Number Of Transactions.
Dubai Realty companies are required to include the official permit number issued by Rera on advertisements in addition to other information about the business and project. The name of the real estate company, the escrow account number, the name of the developer, and the project must all be mentioned in advertisements for off-plan properties, as per the Real Estate Licensing Department at Rera.
Al Ali expressed his opinion in a video that was shared on Rera’s social media and its influence of the group’s education campaign for individuals and companies working in the real estate industry. These programs will increase market transparency and boost competition in the local real estate market. The property market will receive more foreign investment because of increased transparency, which will also mature the sector.
Every year, foreign investors invest billions of dirhams in the emirate’s real estate. After the pandemic, the industry experienced a rapid recovery as evidenced by record-high transaction volumes. In June 2022, the estate recorded 8,897 sales deals worth Dh22.75 billion. Which is the most in the previous nine years, according to Mo’asher, the official sales price as well as the rental performance index. Foreigners make the majority of real estate investment, with Indians leading the pack. Followed by citizens of the UK, Italy, Russia, France, Canada, the UAE, Lebanon, Pakistan, and China.
Al Ali further stated that estate promotions are regarded as a crucial component of property marketing. Most crucial provisions of Circular No. 2 of 2022 is the requirement to obtain official permission from Rera and to display the number on the advertisement. Recently, the regulator also released rules for advertisements on real estate portals. Even though some non-updated proposals no longer for sale or rent, they are visible on property portals, according to Rera.
The online realtor classified portals must be contacted by all real estate offices within 7 working days regarding any advertisements. That were posted there by office or its authorized brokers but are no longer for sale/rent, according to Rera. For marketing a property online even without the owner’s permission earlier this month, a realty broker fined Dh50000.