New rules have been issued for real estate brokers in Ajman even as the emirate aims to restructure its property sector.
A new decree has been issued by Ajman’s ruler Sheikh Humaid bin Rashid Al Nuaimi to reorganise real estate offices and oversee their working mechanisms.
Under the decree, individuals have been prohibited from engaging in any real estate activity unless they are licenced by the Ajman Department of Economic Development (Ajman DED), and registered with the Land and Properties Department.
It also stipulates that the Ajman DED is not to issue a new licence, renew, or modify a valid licence for a real estate office, until the applicant meets a set of conditions, official news agency WAM reported.
Among the conditions, the most important is that those pursuing a licence must be UAE citizens or GCC nationals, or representatives licenced by Ajman DED to engage in real estate activities within the emirate and “are accountable to official bodies for the management of the real estate office concerned,” the report added.
The new ruling also oversees real estate inspection and valuation services, the buying and selling of properties by the broker, real estate leasing and management activities, mortgage broker functions, field training, representation offices, auctions, exhibitions, and registration processes with the Land and Properties Department in Ajman.
The decree aims to ensure that all the offices are up to date with the urban development witnessed in Ajman, the report stated.
The UAE has seen an increase in regulations to manage the property brokerage business in recent years.
Last year, Dubai announced a set of rules to real estate brokers, which concerns regulating real estate marketing.
Dubai Land Department (DLD) stated that real estate brokers were required to have a written authorisation from property owners before they can market any units.
The rule aims to crack down on fraudulent property advertising in Dubai and to increase transparency in the market, officials said.
Property developers or agents found violating the rule will face a fine of upto Dhs50,000.