Dubai real estate brokers achieved profits totaling AED1.4
billion during the first ten months of this year, as stated by the Land
Department (LD).
The Real Estate Regulatory Agency (RERA), LD (Land Department) regulatory arm that manages property purchases within the emirate, released the amount.
The reported amount covers the profits that real estate
agents acquired from businesses and persons authorized with the RERA. Dealings
involved a regular two percent fee grounded on the real value of the
transaction, unless both parties agreed on a different quantity. The total
transactions for exactly the same period were reported at AED73,867bn, while
revenue accounted for the additional share by recording AED59,542bn, which also
led to AED1,190bn as brokers' share.
Trades contain all sales operations, promoting usufruct,
registering deferred purchase, request for request of rent to owner (transfer),
rent to owner (transfer) and enrollment of property improvement by sale. It
shows while sales of development attained AED27, 568bn and sales operations
were limited to units, with AED3, 393bn through the three-quarters of the
season,
Yousif Al Hashimi, manager of Dubai real estate licensing
section in the RERA, states the close tracking of market operations and
commissions by business were instrumental for analyzing and assessing
tendencies and market conditions that appear now and in the future.
"The increase and consequent rise in commissions from
brokers can be used as a hint of lively movement occurring within the Dubai real
estate marketplace," says Hashimi. "Besides giving us useful insight
into market problems generally, we count on these amounts to create a
comprehensive and precise data-base. This numbers enables us to help interested
parties who need to track real estate development and other relevant places in
Dubai, for example designers, investors, journalists and experts, both from
inside as well as outside of the country."
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