Dubai has announced another new rule to regulate real estate marketing in the emirate.
The Dubai Land Department (DLD) has stated that real estate brokers now require written authorisation from property owners before they can market any units.
The new ‘Real Estate Marketing Agreement’ called Form A, is an important aspect of its electronic permit system – Trakheesi, Real Estate Regulatory Agency (RERA), DLD’s regulatory arm, said in a statement.
All Dubai property advertisement mechanisms will now be regulated through the Trakheesi system.
Property owners are required to sign Form A to permit real estate brokerage offices to market their properties in online, print or radio media.
The landlord is allowed to deal exclusively or with more than one property broker for the marketing of any property, the statement added.
Ali Abdullah Al Ali, director of the Real Estate Licensing Department at DLD said: “We regulate the process of advertisements within a specific agreement that defines the role of each party involved in any real estate sales or rent with total precision, which will guarantee the rights of all parties, including landlords, investors and brokers.”
He added: “Dubai Land Department seeks to establish safe and attractive property investments. We aim to enhance the growth of our real estate industry, in order to further develop the local economy.”
The latest regulation comes after the DLD recently announced that developers and brokers will need to receive approval from RERA before they place any property advertisement in the media.
The rule, in place since October 1, is aimed at cracking down on fraudulent property advertising in Dubai and to increase transparency in the market.
Property developers or agents found violating the rule will face a fine of upto Dhs50,000. However, publishers who feature the adverts will not be penalised.