Post by : Dr. Amrinder Pal Singh
The Dubai Land Department has issued a directive to real estate agents, instructing them to promptly remove all properties that are no longer available for sale or rent from their digital platforms. Agents have been given a three-day deadline to update their listings and eliminate advertisements for properties that are no longer on the market.
The move comes after the authorities conducted inspections on electronic real estate portals and identified instances where properties that were no longer available were still being showcased by agents. The Dubai Land Department emphasized the need for transparency and accuracy in property advertising and urged real estate offices to comply with the three-day deadline.
In response to the prevalence of misleading property advertisements, the Khaleej Times conducted a poll, revealing that 21.5% of respondents had been deceived by ads featuring houses that were either unavailable or already occupied. Additionally, 32.4% of respondents reported that agents had posted fake photos of appealing homes, with the reality being quite different.
To further enforce compliance with advertising standards, Dubai's regulatory authority recently imposed fines of Dh50,000 on 30 real estate firms for not adhering to specified terms and conditions in their advertisements. These measures aim to maintain transparency in a real estate market that has experienced significant growth in the post-pandemic period.
Noteworthy online platforms in the UAE, including Dubizzle, Property Finder, Bayut, Asteco, and Allsopp & Allsopp, are widely used for property purchases and rentals. The market saw a remarkable 17% increase in real estate deals in 2023, totaling 1.6 million transactions with a combined value of Dh634 billion. About 71,000 investors entered Dubai's property market for the first time during the same period.
Real estate brokerages and portals are required to provide evidence of the removal of unavailable properties by emailing licensing@rera.gov.ae, as specified by the Department. These measures underscore the authorities' commitment to ensuring accuracy, transparency, and fair practices in Dubai's thriving real estate sector.
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