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New permits required for Dubai property advertising

All property being marketed in Dubai, including developments being built overseas, now requires a permit under Dubai's real estate regulatory agency (RERA)'s Trakheesi system, Gulf News has reported. 10 Oct 2016

Any company that does not display a permit number on its advertising could be fined 50,000 dirhams (£10,662), Gulf News said.

Ali Abdulla Al Ali, director of the real estate licensing department said: "This announcement reflects RERA's commitment to protect investors and regulate the market by preventing the emergence of any irregularities. However, the investor should act carefully to protect himself by checking all documents and by requesting information from the broker about the property offered. Customers can now easily check licensed brokers as well as the validity of ownership data through the ‘Dubai brokers’ smart application."

Brokers marketing property from outside the UAE will have to submit a copy of the title deed, a letter from the country in question describing the method of foreign ownership of properties, a marketing agreement between the property’s owner and brokerage firm and a letter from the broker indicating the type of property, Gulf News said.

Brokers will also have to include a letter stating that they will not receive any money on the owner’s behalf, and a second letter stating that they take full legal liability for the authenticity of the information provided, the news site said.

The documents must be checked by a UAE embassy and the Ministry of Foreign Affairs, and translated into Arabic.

Escrow accounts will be set up to help brokers marketing properties from outside the UAE to pay the permit fee of 1,010 dirhams, Gulf News said.

An Inspection and Control team will check advertisements to ensure that advertisers have the required permits.