Dubai real estate brokers' commissions hit $353m

Dubai Land Department (DLD) has announced that over Dh1.3 billion ($353 million) worth of brokerage commissions were made in Dubai’s real estate market between the beginning of January 2017 and the end of September this year. A total number of 6,200 active brokers are working in Dubai’s real estate market, reported state news agency Wam. Real estate brokers achieved these commissions after securing land, building and unit sales with a total sale value of Dh65.6 billion, said the report. Brokers received a commission of Dh607 million from land sales amounting to Dh30.368 billion, Dh110 million from building sales amounting to Dh5.51 billion, and Dh595 million from unit sales amounting to Dh29.7 billion, bringing the total commission of real estate brokers to Dh1.3 billion in nine months, it added. DLD had recently launched the ‘Dubai Brokers’ app, a first-of-its-kind in the world that provides accurate and up-to-date information on licensed Dubai real estate brokers and companies that are approved by the department, it stated. The application allows investors to verify whether a real estate broker is registered with DLD, protects the rights of customers, and enhances speed and confidence, and means that properties can be purchased and sold both smartly and securely, said the report. Yousef Al Hashmi, the deputy executive director of Rera, the regulatory arm of DLD, said: "Brokers play an essential role in our sector, attracting investors from around the world and highlighting the distinctive characteristics of our real estate market." "Dubai has developed a comprehensive system to protect the rights of brokers in each transaction they conclude following successful reconciliation between the parties to the sale and purchase," noted Al Hashmi