Dubai's real estate brokerage commissions hit $229m

The Dubai Land Department (DLD) said the real estate brokerage commissions from the sale of land, building and residential units during the first nine months of the year surged to Dh842 million ($229 million).

The emirate's brokers earned a total of Dh429 million from land sales, Dh73 million from building sales and Dh340 million from residential unit sales through a total of 18,121 transactions during that period, stated a report issued by the Department of Real Estate Studies and Research at DLD.

Yousif Al Hashimi, the deputy CEO of the Real Estate Regulatory Agency (Rera), said: "Brokers play an important role in attracting international investors to Dubai’s real estate market, highlighting the market’s unique characteristics."

"DLD developed a comprehensive system to protect the rights of brokers in every successfully concluded transaction between the selling and buying parties," he noted.

"The Department of Real Estate Studies and Research issues these figures on a regular basis, revealing the brokers’ efforts in promoting real estate projects across Dubai locally and internationally.

Brokers are among our most important partners, especially as they exercise their duties with the highest degree of honesty and integrity while adhering to the procedures and standards set by DLD," he added.

The report also revealed high activity among women as real estate brokers in the market, where 1,901 female brokers registered 5,617 transactions with commissions amounting up to Dh261 million.

Ref: Property Report