Dubai Land Department (DLD) has announced that brokers in the emirate earned over Dhs820m in commissions during the first six months of this year.
There are now 5,856 active brokers and 2,340 offices registered in DLD’s database, it said.
Yousuf Al Hashimi, deputy executive director of RERA – the regulatory arm of DLD – said: “Brokers play an essential role in our sector, representing the forefront of real estate activity, acting as a very important link between sellers and buyers.
“Our brokers come from a variety of different nationalities, so they have the ability to provide a true picture of the global investment environment that characterises Dubai. As part of their rights, there is a set of laws that defines and regulates their commissions.”
The DLD recently revealed that the emirate recorded a 16.8 per cent increase in the total value of real estate transactions in the first half of 2017, compared to the same period last year.
The value of transactions for the first half totalled Dhs132bn compared to Dhs113bn in the first half of 2016. This was also 2.3 per cent more than the Dhs129bn recorded in H1 of 2015.
The figures for the first six months of 2017 will be seen as a sign of market recovery for property owners and developers, who have endured more than a year of stagnant or declining rental and sales rates.
The DLD has also launched an awareness campaign about the ‘Dubai Brokers’ application, which provides information on licenced Dubai real estate brokers and companies that are approved by DLD.
The application will allow investors to verify whether a real estate broker is registered with DLD and protects the rights of customers.
It will also allow investors to identify the best real estate brokers according to their performance indicators and efficiency.