Dubai real estate brokers have been asked to take down from their digital platforms any listings that aren’t for sale or rental. Agents were given a three-day deadline by the Dubai Land Department on Wednesday to remove any property advertisements that are no longer for sale or rental.
“Through our scheduled inspections of electronic real estate portals, we noticed that there are some properties that are no longer available for sale or rent and are still displayed on the portals by real estate agents.
“Accordingly, all real estate offices must update the digital real estate platform portals within three working days, which should result in removing all unavailable properties for rental or sales,” the Dubai Land Department said on its social media platform.
21.5% of respondents to a KT survey with over 2,800 responses claimed they were drawn in by advertisements for homes that were either sold or not yet available. An additional 32.4% discovered that while agents shared fictitious images of gorgeous homes, the ‘real reality was very different’.
Last week, 30 real estate companies were fined Dh50,000 apiece by Dubai’s regulatory body for violating the terms and conditions mentioned in real estate advertisements. The authorities have implemented these measures to guarantee transparency in the market, which has experienced unparalleled expansion in the aftermath of the pandemic.
In the United Arab Emirates, numerous websites offer real estate for sale and rental. Among the most well-known websites in the UAE for buying and renting real estate are Dubizzle, Property Finder, Bayut, Asteco, and Allsopp & Allsopp.
A total of Dh634 billion was exchanged in real estate transactions in Dubai in 2023, marking a nearly 17% increase from the previous year’s record 1.6 million deals in various market segments. Last year, about 71,000 investors made their first investments in Dubai’s real estate market.