RERA investigating real estate agency
Latest Research
Leading UAE law firm Hadef & Partners, today published a report titled The cost of owning freehold property in Dubai.
Asteco has recorded no significant change in sales prices for either the residential or office market.
There has been a continued stabilisation of demand in the residential apartment market since the last half of 2010.
Dubai’s Real Estate Regulatory Authority (RERA) has said property agents flouting the Code of Ethics for real estate brokers or are found cheating customers, would be faced with a fine and legal action.
The regulator is currently investigating an alleged scam by a property broker and two of its agents, in which the agents allegedly took unauthorised commissions from both the landlord and tenant by presenting two different versions of the deal, according to Sultan Al Suwaidi, Section manager at RERA’s Real Estate Permits and Inspection Section.
"We are currently investigating this matter," said Al Suwaidi.
The complainant, who rented out a two-bedroom Springs villa in June this year, has alleged that the agents presented two different deals between her and the tenant.
Asked whether real estate agents are allowed to present the same deal differently to the tenant and landlord , Al Suwaidi said: "The broker should abide by Rera's Code of Ethics." Under RERA’s Code of Ethics, real estate agents will “undertake to present the deal to both parties honestly and to inform the parties of all the facts and circumstances known to us regarding the real estate and to conduct our business with trust and integrity."
Your Comments
You must be logged in to add comments.