At a Cityscape 2014 seminar, Marwan bin Ghalita, CEO of Real Estate Regulatory Agency (RERA), stated that four new measures to control Dubai real estate companies and Dubai real estate agents will be implemented in 2015.
This is as a result of the current Dubai property and Dubai real estate company boom which brought 567 new real estate brokerage firms to Dubai in 2014.
The four new regulations that will come into force starting in 2015 are:
- The passing marks for the mandatory test for renewal of a real estate agent broker’s license will be increased from 75 per cent to 85 per cent
- Broker cards will be eliminated, but broker registration will be linked with Emirates ID
- Brokerage start-ups will be allowed only four broker visas to start with and any increase will depend on their firm performance
- Brokers, who fail to do any transaction for six months to 12 months, will have their registration cancelled
The total value of transactions in 2013 were Dh154 billion, with brokerage commission