Dubai’s regulatory authority imposed fine of Dh50,000 each to 30 real estate companies for failing to comply with the terms and conditions specified in real estate advertisements.
The Real Estate Regulatory Agency (Rera), the regulatory arm of the Dubai Land Department (DLD), established terms and conditions to govern advertisements and curb negative practices within the industry.
The authority asked all companies in the real estate market to adhere to the advertisement rules and provide accurate and correct information to customers by obtaining advertising licenses.
Rera also said that it is obligatory to include a QR code to enable investors to identify and verify all associated property data advertised.
Authorities in Dubai have asked property firms time and again to strictly follow rules related to advertisements to ensure transparency.
Ali Abdullah Al Ali, director of the Real Estate Control Department at Rera, said that they are closely monitoring advertisements and market activities by the real estate companies. The agency had previously issued circulars and warnings to emphasise the provisions and conditions of real estate advertising and ensure compliance.
Ali emphasised the Real Estate Regulatory Agency’s ongoing dedication to enhancing transparency in the real estate sector, delivering top-notch services to stakeholders, safeguarding everyone’s rights, and fostering sustainability in the sector’s development and growth.
In 2023, the Dubai Land Department achieved a record 1.6 million transactions across various real estate activities ranging from real estate transactions to rental agreements in 2023. This represented a growth of 16.9 percent as compared to 2022.
The value of real estate transactions exceeded Dh634 billion with the number of transactions reaching over 166,400 real estate transactions in 2023.