Dubai: RERA fines 30 real estate firms for this violation

The Dubai Land Department (DLD)’s regulatory arm, Real Estate Regulatory Agency (RERA), has said that all real estate companies must adhere to the terms and conditions stipulated for real estate advertisements. This includes providing accurate and correct information to customers by obtaining advertising licenses.

It is also obligatory to include a QR code to enable investors to identify and verify all associated property data advertised, state news agency WAM reported.

Non compliance of these conditions has led RERA to fine 30 real estate companies.

The violations incurred a fine of Dhs50,000 each in line with the body’s directives. The agency had previously issued circulars and warnings to emphasise the provisions and conditions of real estate advertising and ensure compliance. 

Ali Abdullah Al Ali, director of the Real Estate Control Department at RERA, highlighted that the agency has closely monitored real estate advertisements and market activities.

RERA urges need for transparency

Al Ali emphasised the agency’s drive to enhance transparency in the real estate sector and deliver top-notch services to stakeholders.

Ali Al Ali urged all companies to consistently comply with the agency’s instructions, laws, and regulations, saying it could achieved through continuous training or by acquiring information from training courses.

He stated that compliance is essential to ensure a safe, stable, and sustainable environment that enhances the experience of DLD’s customers.

He also encouraged the public not to engage with any real estate advertisement that does not have a permit and QR code, WAM reported.

In other news, DLD marked its strongest performance ever in 2023, with 1.6 million transactions (from real estate transactions to rental agreements), with 166,000 real estate deals worth Dhs634bn.

This represents a remarkable growth of 16.9 per cent compared to 2022, which accounted for approximately 1.368 million transactions.

Read: In numbers: Dubai real estate registers best-ever performance in 2023