Listings for the same property at different prices are decreasing, and this trend is expected to continue with an increase in such occurrences.
There were times in the past when the same residential property in Dubai would have multiple listings and prices. All that this did was end up distorting the property market for buyers and sellers alike. Now, that won’t happen.
The number of residential property listings in Dubai on online real estate platforms is significantly decreasing following the Real Estate Regulatory Authority (RERA) crackdown, which has introduced additional layers of transparency regarding the properties being sold and their respective sellers.
As a result of these measures, the removal of ‘multiple’ listings for the same property, often displaying varying asking prices, is in progress on these property portals. This removal process is expected to gain more momentum in the coming days.
The Dubai real estate authorities are actively enforcing these measures to expedite the removal process. While penalties for future violations are on the horizon, current actions involve preventing real estate agencies and portals from showcasing new listings unless they first remove previous ones for properties that have already been sold.
An industry source explained, “This means that if there is an eight-month-old property listing still visible, the respective property agent must provide evidence that it remains a verified listing. This entails confirming that the unit has not been sold and presenting the necessary accompanying paperwork.”
