Jul 17 2018   | Source: gulfnews.com 

Dubai real estate brokers get Dh571 million in commissions

Working as a real estate broker can seem like a lucrative career, and it’s something that anyone can potentially get rich from.

With their fees mostly based on the value of the property, brokers can make thousands of dirhams in one transaction alone. The more flats they sell or rent out, the more dirhams they pocket as a reward.

And in Dubai, where billions of dirhams worth of properties are sold every year, it only makes sense that brokers make a good amount in commissions in return.

According to the latest data from Dubai Land Department, real estate brokers in Dubai made nearly Dh600 million in commissions during the first half of 2018. The payout was granted to a total of 5,181 active brokers that represent 2,113 offices.

The Department of Real Estate Studies and Research also noted that brokers and real estate offices facilitated 2,978 transactions, generating a total commission value of Dh571 million.

It may also be interesting to note that the real estate brokerage in Dubai is not a field exclusively for men. To date, there are now 678 women working as brokers in the real estate sector.

From January to June this year, real estate transactions in Dubai reached Dh111 billion. Emirati investors topped the list of biggest investors, with 2,986 investments worth Dh6.8 billion, followed by Indian nationals, with investments worth Dh5.9 billion.

“We appreciate the essential role played by authorised and licensed real estate brokers, and we encourage customers to choose brokers who hold ‘real estate broker’ identification cards,” said Yousuf Al Hashimi, deputy executive director of Real Estate Regulatory Agency (Rera).

“The accreditation system for brokers that was set in place by Dubai Land Department was initiated to sustain a secure real estate environment for all parties in the market. In addition, certified brokers contribute to support the vision of DLD by enhancing the process of real estate transactions in the emirate.”

 

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