Dubai property agents to fall in four-tiered licensing classification
The Real Estate Regulatory Agency, RERA, of Dubai has issued a four-tiered classification system to restrict the number of estate agents.
A blue license shall be given by the Department of Economic Development (DED) to tier-one brokers, permitting them to carry out all types of brokerage activities in the entire emirate.
Yellow license, the next tier, shall be issued by the free zone authorities, permitting the brokers to undertake full range of brokerage activities limited to a particular area. However, no licenses can be issued by the free zone authority if they do not own a freehold real estate.
The tier three registered brokers, authorized by DED and registered by RERA, shall be given green licenses, permitting the sale of the properties of particular companies. The tier four brokers, registered by RERA, shall be given red licenses, permitting them to promote, sell or rent time share units only.
The new licensing system is connected online to RERA, and the forms for the licensing are available on the website.
With this licensing system the operations of the brokers shall be restricted to the properties according to the license only, and they would not be permitted to sell the properties outside the sphere of their license.
Mubarak Al Jafla, Head of Broker registration of RERA said: "The big change is that broker licenses will now be linked to specific areas. We will no longer face a situation where someone licensed by a free zone which owns no property can be registered to sell real estate in other parts of Dubai,"
He further added, "The overall effect will be to limit the number of licensed brokers selling property in Dubai to those who are able to offer a professional, expert and dedicated service."
For the new license, the estate agents can apply immediately to RERA or wait for their current license to expire.
New Zealand News
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