Dubai’s real estate brokers earn AED1.5 billion in 2016, through 32,932 transactions
Dubai Land Department (DLD) has announced in its latest report that the total value of real estate brokers’ commissions for 2016 totaled over AED 1.5 billion ($408 million) from 32,932 transactions, while Dubai’s real estate market also attracted 5,933 active brokers and 2,285 registered brokerage offices. The AED 1.5 billion figure describes the amount of commission earned by property brokers registered in the Real Estate Regulatory Agency (RERA), DLD’s regulatory arm, with the sum representing two per cent of the total value of recorded deals.
Yousif Al Hashimi, Deputy CEO of RERA said: “Brokers and real estate offices play a vital role in promoting the real estate market in Dubai. DLD has ensured the legality of their activities by issuing legislations that guarantee the rights of all parties, and by introducing numerous training courses. These are designed to help brokers and real estate offices work efficiently and transparently, provide excellent customer service and answer all inquiries professionally.”
DLD’s report reveals that UAE citizens ranked first in terms of the number of brokers in the market, followed by Indian nationals and Pakistani nationals, who have also achieved excellence in this field. In descending order, the other most active nationalities in the real estate market were discovered to be the UK, Egypt, Russia, Lebanon, Jordan and the Philippines.
The report also confirms the growing presence of women brokers in Dubai’s real estate market; today there are 1,946 women working in this field, compared to 3,987 men, representing 33% of the total numbers of brokers.
Brokers and real estate offices operating in the Emirate secured a high income from commissions for their services to investors and real estate development companies across the world. Together, they performed 32,932 transactions amounting to AED 1.52 billion.
Hashimi concluded: “The high volume of brokerage activity in Dubai is a reflection of the excellent health of the local real estate market. With its incentive environment, the market attracted huge numbers of brokers from around the world, promoting Dubai real estate both locally and globally.”