Real estate companies in Dubai are required to include the official permit number issued by the Real Estate Regulatory Authority (Rera) on ads in addition to other information about the business and project.
The name of the real estate company, the escrow account number, the name of the developer, and the project must all be disclosed in advertisements for off-plan properties, according to Ali Abdulla Al Ali, director of the Real Estate Licensing Department at Rera.
Al Ali made his remarks in a video posted on Rera’s social media as a part of the organization’s awareness campaign for people and businesses engaged in the real estate industry.
These programmes will increase market transparency and boost competition in the local real estate market. The property market will receive more foreign investment as a result of more openness, which will also mature the sector.
Every year, international investors invest billions of dirhams in the emirate’s real estate. After the epidemic, the industry saw a rapid rebound as evidenced by record-high transaction volumes.
The emirate reported a total of 8,897 sales transactions worth Dh22.75 billion in June 2022, making that month’s volume of sales transactions the greatest in the previous nine years, according to Mo’asher, the official sales price, and rental performance index.
According to the Betterhomes first-half study, foreigners make up a higher portion of real estate investment, with Indians leading the pack, followed by citizens of the UK, Italy, Russia, France, Canada, UAE, Pakistan, Lebanon, and China.
The most significant provisions of Circular No. 2 of 2022, according to Al Ali, are the requirement to get an official authorization from Rera and have the number posted on the advertisement. Real estate promotions are regarded as an essential component of property marketing.
The regulatory body recently released rules for advertisements on real estate portals.
Rera reported that it had observed certain non-updated offers that were no longer for sale or rent but were still visible on property platforms.
“Accordingly, all real estate offices must address the online real estate classified portals within seven working days regarding the advertisements that were announced by the office or its registered brokers and which are no longer available for sale or rent, to delete those advertisements from the portal,” Rera said.
A real estate broker was fined Dh50,000 earlier this month for internet property promotion without the owner’s permission.