(MENAFN- Khaleej Times)
Published: Tue 16 Aug 2022, 5:12 PM
Property companies in Dubai are required to display Real Estate Regulatory Authority (Rera) official permit number on advertisements as well as some other details related to the company and project.
According to Ali Abdulla Al Ali, director of the Real Estate Licensing Department at Rera, the must include the name of the real estate company as well as the escrow account number, the name of the developer and the project must be mentioned in the advertisements for off-plan properties.
Al Ali's comments came in a video shared on Rera's social media as part of the awareness campaign for individuals and corporates operating in the real estate sector.
These initiatives will enhance transparency in the local real estate market and also make the sector compete more effectively. Enhancement in transparency will result in more foreign investments in the property market and also make it a more mature industry.
The emirate's real estate attracts billions of dirhams investment from foreign investors every year. The sector has been witnessing a strong recovery after the pandemic as the number of transactions reached record highs.
According to Mo'asher, official sales price and rental performance index, the volume of sales transactions were the highest in the past nine years in June 2022 as the emirate recorded a total of 8,897 sales transactions worth Dh22.75 billion in the month.
Foreigners account for a larger chunk of investment in real estate with Indians topping followed by the nationals of the UK, Italy, Russia, France, Canada, UAE, Pakistan, Lebanon and China, said Betterhomes' first-half report.
Al Ali added that real estate promotions are considered an important element of property marketing and the most important terms in Circular No.2 of 2022 are the need to obtain an official permit from Rera and have the number displayed on the advertisement.
Recently, the regulator also issued guidelines for ads through real estate portals.
Rera said it noticed that some non-updated offers are no longer available for sale or rent but they're still displayed on the property portals.
“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.
Earlier this month, a real estate broker was fined Dh50,000 for promoting property online without the owner's consent.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.