Repeatedly, Dubai authorities have emphasized to property firms the importance of adhering strictly to advertising rules to guarantee transparency.
30 real estate companies in Dubai have each been fined Dh50,000 by the regulatory authority for non-compliance with the terms and conditions outlined for real estate advertisements.
The Dubai Land Department’s regulatory arm, the Real Estate Regulatory Agency (Rera), introduced terms and conditions to oversee advertisements and prevent undesirable practices within the industry.
All companies operating in the real estate market have been urged by the authority to comply with advertising regulations and furnish customers with precise and truthful information by obtaining the necessary advertising licenses.
Rera emphasized the mandatory inclusion of a QR code in advertisements to facilitate investors in identifying and verifying all relevant property data.
Dubai authorities have consistently reminded property firms to adhere strictly to advertising rules in order to uphold transparency.
Ali Abdullah Al Ali, the director of the Real Estate Control Department at Rera, stated that vigilant monitoring of advertisements and market activities by real estate companies is underway. The agency had previously issued circulars and warnings to underscore the provisions and conditions of real estate advertising, ensuring adherence.
Ali underscored the ongoing commitment of the Real Estate Regulatory Agency to enhance transparency in the real estate sector, provide excellent services to stakeholders, protect the rights of everyone involved, and promote sustainability in the sector’s development and growth.
In 2023, the Dubai Land Department achieved a remarkable 1.6 million transactions encompassing various real estate activities, from property transactions to rental agreements, marking a growth of 16.9 percent compared to 2022.
The value of real estate transactions surpassed Dh634 billion, with the number of transactions exceeding 166,400 in 2023.
