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The total commissions received by real estate brokers, both companies and individuals, in Dubai has amounted to approximately Dhs800m From the beginning of January until the end of November 2012.
Only brokers who are registered at the Dubai Real Estate Regulatory Authority (RERA), the regulatory arm of Dubai Land Department (LD). Real estate brokers receive 1% of the deal value as a commission on successfully sealed deals, unless parties agree otherwise.
In this regard, Yousef Al Hashmi, director of RERA’s Real Estate Licensing Department said the commissions reflect the total yield of various property deals that included the sale of lands, villas, residential units such as apartments and hotel apartments and offices in freehold areas, covering deals of sale, lease and other types of sale, at a total value of Dhs40bn.
He pointed out that the continuous efforts by RERA to set up a comprehensive, accurate database that covers all aspects of the real estate development sector and relevant professions have made it easy to come up with accurate statistics on brokers’ commissions, compared to previous estimates.