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Rera introduces four-tier broker classification

Dubai's property buyers will be better served from now with the introduction of a four-tier Dubai broker classification system by the Real Estate Regulatory Agency (Rera) that came into effect immediately.

This has been launched as the "next stage of its strategic plan to implement a robust registration and licensing system to control and safeguard property sales," Rera said in a statement.

"The new initiative will see it register brokers granted one of four types of licences authorising them to sell property of a particular type or in a specified area."

Property analysts hailed the move, saying, "This will boost investor confidence as buyers will gain better advice. It will also protect investors' interests as they will feel more comfortable with professional advice," property analyst Sudhir Kumar, managing director of Realtor's International, said.

The move has profound implications for the way property sales are conducted in Dubai and is intended to continue the ongoing process of regulating the professional services side of the sector in order to enhance the rights of buyers, sellers and leaseholders and positively impact the overall level of activity in the market, officials said.

Yousuf Al Hashemi, Director of Licensing, said: "This initiative is the next major landmark in the process of safeguarding property buyers, owners and investors' interests by consolidating the rigour, accountability and transparency that is so crucial to the market. These initiatives have emerged from consultation with our professional communities and from input and feedback from our stakeholders."

The new licensing system is linked to Rera's online resource and the forms available on the website for licensing. There is a new set of professional online forms to accompany the new classification. Based on their tier - and user name and privileges - brokers will have access to online and brokerage services and access to property within their sphere of operation only. The system will not allow them access to property they are not qualified to sell.

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