DUBAI 18 July 2018: Do property brokers still make a killing or are they like other professionals earning in a more reasonable range?
The heydays of Dubai’s real estate boom allowed brokers to buy top-of-the-range cars and yachts. But now their income – on average – is Dh18,000+ per month, according to Dubai Land Department (DLD) statistics.
DLD revealed that real estate brokerage commissions reached Dh571 million during the first half of 2018, with a total of 5,181 active brokers — representing 2,113 offices.
The Department of Real Estate Studies and Research also reported that the activities of the brokers and real estate offices during the report’s period were transparent, amounting to 2,978 transactions that generated a total commission value of Dh571 million.
In addition, the number of contributing female brokers working in the real estate sector was 678.
Yousuf Al Hashimi, Deputy Executive Director of Real Estate Regulatory Agency commented: “We appreciate the essential role played by authorised and licensed real estate brokers, and we encourage customers to choose brokers who hold ‘real estate broker’ identification cards. The accreditation system for brokers that was set in place by Dubai Land Department was initiated to sustain a secure real estate environment for all parties in the market. In addition, certified brokers contribute to support the vision of DLD by enhancing the process of real estate transactions in the Emirate.”
Additionally, DLD provided the ‘Dubai Brokers’ app through which anyone can enter property ownership details to verify and validate any of the property’s information for involved parties. The Real Estate Licensing Department at DLD encourages all real estate brokers to download this application to ensure that the required data is verified before selling or leasing a property.
