The Dubai Land Department (DLD) announced that more than AED820 million worth of brokerage commissions were made in Dubai’s real estate market between the beginning of January 2017 and the end of June this year, according to Wam, the Emirates’ news agency.
“Our brokers have the ability to provide a true picture of the global investment environment that characterises Dubai,” says Yousuf Al Hashimi, Deputy Executive Director of RERA, the regulatory arm of the DLD.
Image is everything
The DLD revealed there are now 5,856 active brokers and 2,340 offices registered in its database.
Since brokers help position Dubai as the world’s premier real estate destination, the DLD began in July 2017 an awareness campaign about the ‘Dubai Brokers’ application. Mainly reaching landlords and investors, the application provides accurate and up-to-date information on licensed Dubai real estate brokers and companies approved by the DLD.
Land of opportunity
The department also revealed that AED151 billion was invested by foreigners in the Dubai property market in the past 18 months.
Sultan Butti bin Mejren, director-general of the DLD, says: “This demonstrates the confidence in our real estate environment, characterised by a strong regulatory system that provides safety and security for all parties.”
Locals most vocal
The majority of investments, close to 12,000 transactions out 71,000, worth AED37.4bn, were made by Emiratis. Indians followed, with 10,628 transactions worth more than AED20.4bn, then Pakistani, Saudi Arabian and British investors in third, fourth and fifth place, respectively.