Dubai’s Real Estate Regulatory Authority (RERA) has cracked down on misleading online property ads, reshaping the city’s real estate landscape.
Anticipated to reduce up to 40% of real estate sales listings on digital platforms, RERA’s policy targets agents flooding portals with individual unit promotions, often misusing developers’ No Objection Certificates.
Nearly half of current rental ads are set to vanish with the introduction of digital form A, the official rental property advertising permit. This move aligns with RERA’s goal to ensure listing authenticity, streamlining decisions for tenants, buyers, and sellers.
Reduced listings mean clearer choices for consumers and potentially faster transactions, potentially impacting prices due to increased demand.
RERA mandates truthful depiction of properties in online ads, fostering market transparency while protecting consumers. Yet, some brokers and portals, aiming for revenue, have sidestepped guidelines, complicating market dynamics.
Acknowledging collective responsibility is crucial to address the repercussions:
- Portals risk reputational damage from inaccurate listings.
- Developers may encounter pricing discrepancies.
- Accurate listings face profit loss amid non-compliant competition.
- Investor competition intensifies due to inflated listings.
- Compliant agents face disadvantage against less scrupulous counterparts.
- Market data accuracy suffers, impeding trend analysis.
Sustaining Dubai’s real estate vibrancy demands ongoing commitment to transparency and integrity, ensuring a robust market for all stakeholders, present and future.