Wednesday, February 22, 2017

Dubai regulates property marketing outside UAE

Dubai Land Department (DLD) has issued its special circular No. 13 for the year 2016, outlining real estate marketing mechanisms that are designed for real estate companies and brokers marketing properties outside of Dubai, UAE.

These are in growing numbers thanks to the global reputation of the UAE’s real estate sector, and in particular Dubai’s.

Ali Abdullah Al Ali, director of the Real Estate Licensing Department at The Real Estate Regulatory Agency, the regulatory arm of Dubai Land Department said: "This circular is intended to protect residents who are interested in making real estate investments outside of the country. It encourages real estate brokers to be accurate and cautious in any campaigns that promote properties abroad, and advises everyone to follow the correct legal procedures, regardless of the contracting parties, and deal with accredited brokerage offices. "

The circular outlines new requirements for any real estate announcements, across all advertising and other media. Forthwith, permits for any announcements related to real estate property either inside or outside of the country must be obtained via the DLD’s Trakheesi system.

In addition, no company may advertise about any property without first obtaining DLD’s permission. To obtain a permit for marketing real estate properties outside of the UAE, companies must submit a copy of the real estate property title deed, a letter from the country in question which describes the method of foreign property ownership, a marketing agreement between the real estate property owner and the real estate brokerage, and a copy of the property certification from the UAE Embassy and the Foreign Ministry that has been translated into Arabic by a legal translator.

The circular also stressed that buyers must follow the legal procedures outlined in the country concerned, and preview the property before settling contracts and making payment. The circular from DLD will not broker issuing contracts of sale or receipt of any payments from the client, either for the reservation or value of the property. – TradeArabia News Service

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