Dubai’s mission to maintain its international reputation as the most transparent and well regulated jurisdiction in the Middle East has recently been bolstered by the introduction of new rules around the advertising of property sales in the Emirate.
All developers and estate agents looking to operate in Dubai will now be required to have all advertising approved by Dubai’s real estate regulator before such advertising is released into the media.
In the event that developers or agents do not adhere to the new rules introduced by the Dubai Land Department from this month they will face hefty fines.
As part of a crackdown on false advertising in the Emirate, the practical steps involved in registration of advertising are to be made relatively straightforward. For those adverts that meet key terms and conditions, permits will be immediately granted.
However, the amount of time taken to either grant or reject those that have issues has been quoted as just two days so clearly, the resources are on hand to efficiently facilitate a record number of applications.
Rogue practices are, unfortunately, regularly employed by a small minority to the detriment of those that behave ethically and legally as a matter of course.
Providing a safety net with which to filter out this minority is therefore key to protecting the status of Dubai as a clear front runner in the global property market.