Dubai’s RERA Cracks Down

The Real Estate Regulatory Agency (RERA) of Dubai has suspended the license of a property broker and is warning that other such companies will face the same fate if they do not register with the agency. The broker – Sulehri Real Estate – was advertising for leasing units in Discovery City and International City and had not registered with RERA.

RERA Brokers Licensing Department Director Yousif Al Hashimi said that “Sulehri is not a registered broker. We have spoken to the DED [Department of Economic Development] with which Sulehri is registered and has a trade license. We have requested the DED to inform Sulehri to attend our offices and register within a specified notice period. In the interim and at the Land Department’s request, Sulerhi’s trade license has been suspended until further notice.

Licensing of real estate agents is one of the tasks undertaken by RERA as it seeks to bring more order to the booming emirate. “RERA has encouraged all brokers to formally register with the agency and those who have not registered should do so as soon as possible in order to avoid having their DED-issued license suspended,” said Hashimi.

Currently there are 2.087 listed brokerage companies in Dubai, according to RERA, with a total of 7,761 individual brokers.

Useful Resources

Property for sale in Dubai

www.dubaihomes4sale.co.uk

13/07/2009

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