Dubai real estate brokers earn 16% less commission in 2016 than 2013

The total value of commissions earned by brokers reached Dhs1.52bn

Dubai real estate brokers earned nearly 16 per cent less commission in 2016 than they did in 2013, according to Dubai Land Department (DLD) data.

The DLD announced that the total value of commissions earned by brokers registered by the Real Estate Regulatory Agency last year reached Dhs1.52bn from 32,932 transactions.

This compared to Dhs1.8bn three years earlier, the last time data was released.

Both figures represent 2 per cent of the total value of recorded deals.

“With its incentive environment, the market attracted huge numbers of brokers from around the world, promoting Dubai real estate both locally and globally,” said Yousif Al Hashimi deputy CEO of RERA.

UAE, Indian and Pakistani nationals were the top broker nationalities followed by UK, Egyptian, Russian, Lebanese, Jordanian and the Filipino citizens..

Transactions data from Dubai Land Department released earlier this month showed Dhs259bn of property deals were conducted last year, down 3 per cent on the Dhs267bn seen in 2015.

The number of transactions also fell from 63,719 to 60,595.

Read: New units to hit Dubai property market recovery in 2017

In comparison, real estate transactions totalled Dhs236bn in 2013.