DUBAI, 31 January 2007 — Dubai unveiled yesterday a new bylaw that will effectively ban uncertified land brokers from registering transactions. The new ruling takes effect from Feb. 4.
From Sunday, Dubai Land Department will no longer register transactions carried out by real estate brokers who have not been certified under its new scheme, the department said during an awarding ceremony held last week for the first batch of brokers.
The department has acted quickly and forcibly to support its initiative to certify all local real estate brokers as it bids to institute a fully professional framework for transactions involving Dubai property.
The move will underpin the emirate’s mushrooming multibillion dollar property sector at a time when demand from international investors in particular is soaring. “This latest initiative signals our commitment to ensuring that land transactions in Dubai are foolproof, secure, and transparent and supported by competent, professional people,” said Khamis Mohammed Al-Muhairi, head of the department’s Land Evaluation and Studies Center.
“Dubai real estate has become an international commodity. Transaction processes and personnel have to meet the expectations of this huge and sophisticated marketplace and the department is determined to make sure this happens,” he said.