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It is going to get tougher for real estate brokers in Dubai as the authorities are considering four new measures that will raise the bar for compliance on their part.
The percentage required to pass the brokers' exam mandated by the Real Estate Regulatory Authority will be raised to 85 per cent from 75 per cent, according to a top official.
The brokers' card will be cancelled and instead will be linked to the Emirates ID. A third measure will allow only four new visas for any start-up practising brokerage services.
Just as important is a measure by which a broker's licence will be cancelled if the individual does not conduct a transaction for the better part of six to 12 months.
''We have more than 5,000 agents and hundreds of firms practising the trade in Dubai,'' said Marwan Bin Ghalaita, the Rera CEO, who was speaking at a summit of brokers held along the sidelines of the Cityscape Global 2014.
Bin Ghalaita said industry stakeholders need to be in full compliance with the rules of the land. In particular he mentioned that for any landlord to evict a tenant, 12-month eviction notices will have to be given.
Read more about Property Agents who must pass annual test to renew license
Source: Staff Report, gulfnews.com