New rules for Dubai property marketThe success of the market for residential property in Dubai has created hundreds of jobs for the real estate industry and officials are taking steps to ensure fair play ensues.
According to the RERA (Real Estate Regulatory Agency) – the regulatory division of the Dubai Land Department around five hundred new brokers have begun trading in properties for sale in Dubai so far during 2014.
The property sector continues to boom in the emirate with high numbers of foreigners buying property in Dubai. To ensure the market recovery continues four new regulations will be introduced next year that will help to assess brokers performance.
Earlier this year real estate contracts became mandatory in order to protect the rights of buyers, sellers and brokers involved in any property sale. During the first six months of 2014 the amount of property sold across the emirate totalled AED37.5 billion.