In a major step to curb false property ads, Dubai Land Department (DLD) has announced that property brokers in Dubai will now have to get approval for their advertisement and social media campaigns. The new rules have been formally conveyed to the brokers via a circular from the Real Estate Regulatory Agency (RERA).
As per the latest rules, brokers will be required to apply and obtain permits before proceeding ahead with any real estate announcements. The rules encompass all forms of electronic and print ads. Thus, even social media campaigns shall fall within the ambit of the new rules. Upon application, the brokers shall be allotted a permit number from RERA. All real estate advertisements must carry this permit number.
At present, only brokers registers with RERA have the permission to advertise properties. With the introduction of the new rules, even registered brokers shall have to apply for permits prior to advertising properties.
The new rules reinforce DLD ‘s commitment towards addressing fraud cases in Dubai. The step to introduce the new rules has been taken in the light of complaints and grievances concerning false advertisements that have come to the notice of the department.
When will the rules come into effect?
In a statement issued by Ali Abdullah Al Ali, the director of Real Estate Licensing Department, it has been made known that all real estate companies must obtain the necessary permits from the beginning of October.
Where and How to apply?
The permits for property advertisements can be applied and obtained either through DLD’s website or the Trakhees system.
Penalty for Noncompliance
The regulatory agency has also declared that if any real estate announcements fail to carry the now legally mandated permit number, the same shall be dismissed and legal action will also be initiated against the publishing firm.
Whereas from the perspective of the buyers, the latest rules have come as a welcome news, the market practitioners have mixed reactions to offer. While they are lauding the administration for taking stern measures to protect the interests of the public and preserve investor confidence thereby driving positive market perception, many of these market practitioners opinionated that the same results might have been possible with the proper implementation of the existing laws.
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