Real estate agents in Dubai earned commissions worth the equivilent
of more than S$478.5 million during the first 10 months on 2013.
According
to information from the Dubai Land Department, all property
organisations registered under RERA, the regulatory arm of the Dubai
Land Department, receive a mandatory two percent commission based on the
transaction value, unless both parties agree on a different amount.
Overseas property buying activity in Dubai, having been depressed for a number of years, is widely
predicted to continue to rise after Dubai won the right to host the
World Expo 2020 last week.
Yousif Al Hashimi, director of Real Estate Licensing Department in RERA and speaking to Arabian Business,
said: "The increase in activity and the resulting rise in commissions
from brokers can be taken as a sign of active movement taking place in
the real estate market.”
In Dubai, and also in Singapore, it is not
possible for any individual or company to carry out real estate activity
without being registered with authorities.
Andrew Batt,
International Group Editor of PropertyGuru Group, wrote this story. To
contact him about this or other stories email andrew@propertyguru.com.sg
Recent stories you may have missed:
Institutional investor interest in Bangkok declines
Property price declines predicted in Asia
Overseas interest in Thailand holiday homes picks up
Bangkok is home to Asia’s cheapest retail space