Dubai Land Department’s Deadline
Dubai’s real estate panorama is the present process a directive from the Dubai Land Department, compelling real estate sellers to rapidly take away any residences unavailable for sale or lease from their digital systems.
Inspection Reveals Discrepancies
Scheduled inspections of electronic real estate portals have found lingering listings of properties now not available, prompting the branch to take action.
Three-Day Ultimatum
All real estate offices had been given a strict three-day deadline to update their digital systems, making sure the removal of any unavailable houses from their listings.
Crackdown on Misleading Practices
This directive follows the latest reports of fake property commercials and misleading practices through a few dealers, as highlighted by way of the Khaleej Times.
Penalties for Non-Compliance
Non-compliant real estate corporations faced fines of Dh50,000 each for failing to adhere to terms and conditions laid out in real estate commercials.
Ensuring Transparency
These measures are implemented to ensure transparency in a market experiencing an exceptional increase in publish-pandemic.
Email Evidence Required
All assets brokerages and portals are required to provide proof of the elimination of unavailable properties with the aid of emailing [email protected].
Robust Online Platforms
Various online platforms inclusive of Dubizzle, Property Finder, Bayut, Asteco, Allsopp &Allsopp offer properties for sale and rent in the UAE.
Record Real Estate Activity
Dubai witnessed a record 1.6 million real estate deals in 2023, with a complete price of Dh634 billion, indicating a thriving marketplace.
New Investors Influx
Around 71,000 investors entered Dubai’s belongings marketplace for the primary time remaining year, showcasing sustained investor hobby.
