The Dubai Land Department (DLD) has been quick to act against real estate agents who flouted the new regulations for posting property listing advertisements.
Tightening down on this comes via Dubai’s Land Department imposing restrictions upon advertisement placements, mostly on digital and social media outlets.
Putting these new restrictions in to practice has not been taken lightly by Dubai’s Land Department either with one broker reportedly been fined Dh50,000 for advertising a property on the internet without the property owner’s permission.
IMPLICATIONS OF NEW DUBAI PROPERTY ADVERTISING RESTRICTIONS
To create greater transparency around the buying and selling of property in Dubai, all property advertisements are now required to be backed by relevant advertising permits. Permits of which real estate agencies are responsible to facilitate. So, if brokers or real estate agents want to list any property, they first need to apply for an ad permit, and then if all goes well get the permit issued from the DLD.
This not only creates a more transparent real estate environment for sellers where advertised prices for properties are correct. But it also ensures greater transparency for real estate agents where fairer competition is facilitated. So, ensuring strong compliance measures helps to instil a highly trustworthy and respectable real estate environment within Dubai.
Creating a stronger business environment comes as part of the bigger picture in creating an attractive and strong environment within the UAE. This is set out by the UAE’s developmental and economic project aims known as ‘Projects of the 50’. In particular initiatives to attract $150 billion FDI in the next 10 years and to improve the inflows of global talent via offering a range of attractive VISA’s are prime examples here.
HOW DUBAI’S NEW PROPERTY ADVERTISING SYSTEM WORKS
Receiving an advertising permit from the DLD involves the signing of an e-form from the advertising broker and the property owner. The Dubai Land Department oversees this process which requires official confirmation of property owners via the REST app with a completely digitalized and streamlined process.
If in any case property advertisements cannot be validated, legal action will be taken. This might include banning or preventing the website from publishing advertisements. But if compliance is not given at this stage, then the authorities will issue potential charges and fines.