{"id":44972,"date":"2017-02-22T01:44:54","date_gmt":"2017-02-21T18:44:54","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=44972"},"modified":"2017-02-21T22:56:53","modified_gmt":"2017-02-21T15:56:53","slug":"dubai-issues-new-rules-for-brokers-marketing-overseas-properties-in-the-emirate","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-issues-new-rules-for-brokers-marketing-overseas-properties-in-the-emirate\/","title":{"rendered":"Dubai issues new rules for brokers marketing overseas properties in the emirate"},"content":{"rendered":"


\nDubai Land Department (DLD) has issued a new set of rules governing how brokers can sell overseas properties in the emirate in a bid to prevent potential investors from being ripped off.DLD’s new rules require a broker selling properties outside the UAE to gain a permit for marketing them in Dubai. In order to do so, they need access to the property’s title deed, a letter from the country in question describing the method of foreign property ownership, an agreement between the owner and the broker representing them, and a copy of the propery certification from the UAE Embassy and the Foreign Ministry that has been translated into Arabic by a legal translator.Ali Abdullah Al Ali, the director of the licensing department at DLD’s regulatory arm, Rera, said the new rules were “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, ” he said. The new rules follow an earlier scheme introduced in October forcing brokers marketing properties locally to gain permits before advertising homes.David Godchaux, the chief executive of Core Savills, said better regulation of the market should be welcomed. He said there were brokers who were abusing their position by “selling international properties that may not exist, or may not exist in the form that they are selling them”.However, he warned that investors still needed to do their homework before buying homes overseas.”I’m afraid that to a certain degree, this kind of regulation will give artificial confidence to buyers that they can’t be cheated. And that’s not true. Even if you have all of the documents in place, it’s not going to stop some brokers or developers selling really bad deals.”Robert Pearce, the head of residential development and investment at Chestertons in London, said: “I think this is a great move by the Land Department, and a move in the right direction towards a more mature regulatory environment in the real estate industry in the UAE. As we’ve seen in many global markets, the lack of regulation only encourages unscrupulous entities to try and use loopholes to get away with what most people would class as bad business practice.”He argued that the aim of this legislation was not to cover properties sold in mature markets such as the United Kingdom, the United States and Australia where even overseas buyers are well-protected by the law, but “to protect consumers who are buying in markets which offer less favourable legal frameworks”.”There’s plenty of those countries out there, and a lot of that property stock gets advertised in the UAE,” Mr Pearce said.mfahy@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai issues new rules for brokers marketing overseas properties in the emirate<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai Land Department (DLD) has issued a new set of rules governing how brokers can...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-44972","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-bHm","jetpack-related-posts":[{"id":10420,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/listings-deal-helps-open-up-chinese-market-for-uae-properties\/","url_meta":{"origin":44972,"position":0},"title":"Listings deal helps open up Chinese market for UAE properties","date":"April 11, 2016","format":false,"excerpt":"\r \r Dubai's JRD Group has signed a deal with China's Juwai.com that will allow Dubai-based agents and developers to more easily sell properties to Chinese investors.JRD Group, which is behind the Justproperty.com portal, said that brokers who use its Propspace CRM system can now easily list its properties on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20672,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/has-the-dubai-property-market-turned-house-prices-in-the-emirate-edge-up\/","url_meta":{"origin":44972,"position":1},"title":"Has the Dubai property market turned? House prices in the emirate edge up","date":"July 24, 2016","format":false,"excerpt":"\r After two years of house price declines in Dubai, the UAE's largest property data company recorded a slight uptick in prices last month.According to new figures from property data company Reidin, house prices in Dubai increased by 1 per cent during the three months to the end of June,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10410,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propspace-deal-opens-chinese-market-for-uae-property-agents\/","url_meta":{"origin":44972,"position":2},"title":"Propspace deal opens Chinese market for UAE property agents","date":"April 11, 2016","format":false,"excerpt":"\r \r Dubai's JRD Group has signed a deal with China's Juwai.com that will allow Dubai-based agents and developers to more easily sell properties to Chinese investors.JRD Group, which is behind the Justproperty.com portal, said that brokers who use its Propspace CRM system can now easily list its properties on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36996,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-cracks-down-on-rogue-property-agents\/","url_meta":{"origin":44972,"position":3},"title":"Dubai cracks down on rogue property agents","date":"December 4, 2016","format":false,"excerpt":"\r Dubai is attempting to crack down on rogue estate agents who put up advertisements for properties on which they have not been instructed to promote in an attempt to get a cut of the fees. In an announcement on Sunday, the Real Estate Regulatory Agency (Rera), the regulatory arm\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27165,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-property-agents-required-to-verify-ownership-data-before-brokering-sales-and-rental-deals\/","url_meta":{"origin":44972,"position":4},"title":"Dubai property agents required to verify ownership data before brokering sales and rental deals","date":"September 25, 2016","format":false,"excerpt":"\r The Dubai Land Department (DLD) has told property brokers to ensure that any landlords who approach them with properties available for sale or rent actually own them. The department's real estate licensing arm said in a circular that it now requires all of its registered brokers to \"verify real\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44332,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/housing-costs-continue-to-fall-in-dubai-according-to-sp\/","url_meta":{"origin":44972,"position":5},"title":"Housing costs continue to fall in Dubai, according to S&P","date":"February 16, 2017","format":false,"excerpt":"\r The credit rating agency Standard & Poor's has said that it expects house prices and rents in Dubai to continue to fall throughout 2017 because of the continued fallout from low oil prices and currency woes. In a note to investors yesterday S&P forecasted that property prices and rents\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44972"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=44972"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/44972\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=44972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=44972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=44972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}