The new initiative will add a new tier of authorization to real estate trading in Dubai, one of the emirate’s booming industries. The first batch of certificates will be issued by the Land Department on Monday at a special ceremony held in the Department’s headquarters.
Sultan Butti Bin Mijrin, Director General of Dubai Land Department, said: “This is an important step forward for real estate brokerage in Dubai and reflects how far the market has advanced. Real estate investment and dealing accounts for a significant proportion of the emirate’s GDP and the market is becoming increasingly sophisticated to meet the demands of growing interest both within the region and globally.
“Given the interest from buyers in the most developed markets it is crucial that Dubai is able to offer them the reassurance of a strong credible system backed by a sound legal framework and well trained, well qualified professionals.
“This new certification system is the market’s guarantee that it is being well conducted. Dubai Land Department is enormously pleased to have put in place this system and we believe it will add to the growing interest in Dubai real estate.”
The ceremony to award the certificates will be held in the Land Department and will offer the first opportunity for the special cards allocated to certified brokers to go on display. Only those brokers who can display the cards are certified and the Department expects these to become the norm in Dubai in the very near future.
The new initiative will clarify the position and qualifications of real estate brokers in Dubai and will resolve some practices that have detracted from the strength of the market. Dubai has rapidly become a major league real estate player, particularly since enactment of the new real estate law. The Department has responded quickly to make the necessary adjustment to ensure the market operates effectively and efficiently.
Registration is carried out electronically via the real estate evaluation and research department, as per a special programme that qualifies the broker to be one of the main participants in the real estate market.
Monday, January 22- 2007 @ 11:41 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.