Dubai’s real estate scene is constantly shifting and evolving. However, the rise of online property listings brought about a challenge – the reliability of these digital ads. The Real Estate Regulatory Agency (RERA) has been working to address this issue, but the digital nature of property portals has added complexity to the situation. It’s become a dance of interpretations among all players in this dynamic market.
What’s The Impact of Unreliable Listings?
Letting inaccurate property listings flood the digital space has several consequences. It affects the reputation of portals, distorts market perceptions, creates issues for developers, and lowers returns for legitimate listings. Investors and agents face increased competition, and accurate market statistics become elusive. Amid this chaos, identifying genuine market trends becomes a daunting task.
How Is This Being Stopped?
Recognizing these challenges, recent talks with RERA’s management reveal a commitment to overhaul the system. Immediate actions include reevaluating the use of developer’s marketing No Objection Certificates (NOC) for individual unit ads, aiming to align listings with RERA regulations. The Dubai Land Department (DLD) plans to digitize the process of obtaining Marketing Permits for sale and rental property ads and effectively cleaning up the market. This is how it works;
- The agent has to be a registered RERA agent with a BRN (broker registration number) within a company that has an ORN (office registration number). They or their admin have to login to the Trakheesi system via their credentials either through UAE Pass, SMS or e-mail registration.
- Once they have gained access to the system, they will have the ability to issue permit numbers for listings. This is done by sending a Form A to the seller in order for them register themselves with the brokerage. Also important to note, a seller can list their property with 3 agencies, no more. The Form A will mention the price, date of registration and expiry of the contract. This Form A is sent via an SMS or e-mail to the sellers / landlords registered e-mail or mobile number.
- Once the seller/landlord review the Form A, they can digitally sign it and the agent is them officially the registered broker for that listing.
- The broker then has to submit the Form A, the Title Deed and the Passport Copy of the seller/landlord to the trakheesi system to obtain the trakheesi permit number.
- This permit number can then be copy / pasted into the permit number section of CRMs where the DLD API will immediately verify that the listing is valid. The real estate listing can now go live.
These steps mark a crucial shift towards transparency, promising fewer unreliable listings and boosting the credibility of online real estate ads.
The Three-Day Ultimatum
In a recent move, the Dubai Land Department issued a three-day deadline for real estate agents to remove all unavailable and fake properties from their digital platforms. This aligns with ongoing efforts to clean up the market. Instances of fake property ads have raised concerns, prompting decisive action. As the market witnesses unprecedented growth, transparency becomes crucial.
Conclusion
Dubai’s real estate market may encounter challenges, but changes are happening. Embracing transparency is key for a healthier market and sustaining growth. As we address inaccuracies in listings, we move towards a future where every property ad is precise. It’s time to work together, ensuring Dubai’s real estate market remains reliable and dynamic for everyone.
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