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For Each Property, There Will Only Be 3 Permits Issued; This Rule Applies To Agents And Portals.
The Dubai Land Department has mandated that only 3 permits will be issued to advertise or list each property, further tightening the restrictions on real estate marketing in Dubai. This effectively eliminates multiple listings and some other practices that had been used by allowing up to three agents to handle the marketing of a property. On October 1, the regulations go into effect.
All marketing and advertising materials for a property must be immediately taken down when it is sold. Additionally, an agent cannot trade using an expired license. Older ads with listings of properties sold in the past will no longer exist because the agent or agency will need to remove them.
Firas Al Msaddi, CEO of FAM Properties, declared that “one agent cannot have a thousand listings online any longer.” “The number of agencies in the market will significantly decrease due to consolidation. It will immediately have an impact on how many listings every property portal will start to feature going forward.”
“Benefits will accrue to the larger and superior agencies as well as the most knowledgeable and well-connected estate agents. What buyers and sellers won’t see are numerous agents (at least more than three) vying for their properties or trying to sell them?
The Dubai Land Department’s Desires Are:
- When properties are advertised, their costs and dimensions will be completely accurate.
- A permit authorized for off-plan to developers cannot be used to advertise properties being sold on the secondary market.
- No more wasting time looking for properties by using false or misleading information.
Severe Penalties
Although off-plan sales may soon also be covered by the new rules. They currently only apply to the resale of existing properties. Penalties for non-compliance are severe and can even result in agent suspensions. They can range from Dh50000 for a first offense to Dh1 million for multiple violations.
DLD recently mandated that all portal marketing and other forms of advertising for properties must have the appropriate licenses. What it means for real estate brokers and offices is that established. Bigger brokerage firms would take a bigger chunk of the market’s available listings. The bar will need to be raised for agents who rely on property portals. In particular, if there is a decline in the number of entries in the secondary market.
