Layoffs and consolidations in the property sector have not been limited to developers and contractors. Property agents and brokers have had an equally torrid time, leading to reduced sales, widespread sackings and mergers.
There are 1,973 registered brokerages in Dubai and many have had to lay off sales agents. Better Homes, the emirate’s largest property brokerage and services company, has reduced its staff from 700 to 500 in the past six months.
It is not a unique example. With few transactions around until recently, some companies have even been reduced to trying to sell the business.