Real estate agents in Dubai earned commissions worth the equivalent of more than S$478.5 million during the first 10 months of 2013.
According to information from the Dubai Land Department, all property organisations registered under RERA, the regulatory arm of the Dubai Land Department, receive a mandatory two percent commission based on the transaction value, unless both parties agree on a different amount.
Overseas property buying activity in Dubai, having been depressed for a number of years, is widely predicted to continue to rise after Dubai won the right to host the World Expo 2020 last week.
Yousif Al Hashimi, Director of Real Estate Licensing Department in RERA and speaking to Arabian Business, said: "The increase in activity and the resulting rise in commissions from brokers can be taken as a sign of active movement taking place in the real estate market."
In Dubai, as in Singapore, it is not possible for any individual or company to carry out real estate activity without being registered with authorities.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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