Dubai’s Real Estate Regulatory Agency (Rera) has imposed fines of Dh50,000 each on 30 real estate companies for non-compliance with advertising regulations. The penalties were issued due to the companies’ failure to adhere to the terms and conditions stipulated for real estate advertisements, aimed at ensuring transparency and accuracy in the industry.
Rera, the regulatory arm of the Dubai Land Department (DLD), has established stringent rules governing real estate advertisements to prevent misleading practices and provide accurate information to customers. All real estate firms are required to obtain advertising licenses and include a QR code in their advertisements to enable investors to verify associated property data.
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Ali Abdullah Al Ali, Director of the Real Estate Control Department at Rera, emphasized the agency’s commitment to monitoring advertisements and market activities closely. Previous circulars and warnings have been issued to remind companies of the provisions and conditions governing real estate advertising, with the objective of ensuring compliance.
The fines underscore Rera’s dedication to enhancing transparency in the real estate sector, protecting stakeholders’ rights, and promoting sustainability in the industry’s development and growth trajectory.
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In 2023, the Dubai Land Department reported a record 1.6 million transactions across various real estate activities, reflecting a significant growth of 16.9 percent compared to the previous year. The total value of real estate transactions surpassed Dh634 billion, with over 166,400 transactions recorded during the year.
The regulatory actions taken by Rera reaffirm Dubai’s commitment to upholding regulatory standards in the real estate sector and maintaining a transparent and thriving property market for investors and consumers alike.
