Considering there are 5,866 brokers in Dubai, that’s about 140,000 in six months
If you’ve hit your mid-life crisis and are at that stage where you think a change in career is the best option, maybe look into the property market.
According to the Dubai Land Department (DLD), real estate brokers in the emirate of Dubai made more than AED820 million (about $223 million) in commissions during the first half of 2017. As per the DLD’s database, there are currently 5,866 active brokers and a total of 2,340 offices registered in Dubai. For those of you who can’t be bothered to do the math, that’s about AED140,000 per broker.
“Brokers play an essential role in our sector, representing the forefront of real estate activity, acting as a very important link between sellers and buyers,” said Yousuf Al Hashimi, deputy executive director of RERA – the regulatory arm of DLD. “Our brokers come from a variety of different nationalities, so they have the ability to provide a true picture of the global investment environment that characterises Dubai. As part of their rights, there is a set of laws that defines and regulates their commissions.”
The DLD also announced that the emirate recorded a 16.8 per cent increase in the total value of real estate transactions in the first half of 2017, compared to the same period last year. Moreover, the value of transactions for the first half totalled AED132 billion compared to AED113 billion in the first half of 2016. The spike in 2017 figures is being seen as a sign of market recovery for property owners and developers, who have endured more than a year of stagnant or declining rental and sales rates.
The DLD also launched an awareness campaign about the ‘Dubai Brokers’ application, which provides accurate and up-to-date information on licensed Dubai real estate brokers and companies that are approved by DLD. The application will allow investors to verify whether a real estate broker is registered with DLD and protects the rights of customers. It will also allow investors to identify the best real estate brokers according to their performance indicators and efficiency.
Now, if only we could have buildings like these.