We use cookies and similar technologies that are necessary to operate the website. Additional cookies are used to perform analysis of website usage. By continuing to use our website, you consent to our use of cookies. For more information, please read our Cookies Policy.

Closing this modal default settings will be saved.

UAE: 50 Fines Imposed on Real Estate Agents, 7 Licenses Suspended for Rule Violations

These penalties were for marketing unregistered projects and breaching professional standards

Owner's Profile

Judith Mariya

Published on May 14, 2024, 16:31:32

269

abu dhabi, real estate, brokers, adrec, penalties, uae

 

The UAE has taken decisive action against real estate agents, with fines issued and licenses suspended for violations of regulations in Abu Dhabi.

In the capital, several  real estate agents have faced penalties for non-compliance with rules and regulations governing the real estate sector. Authorities revealed that a total of 50 fines were levied against brokers during the initial quarter of this year for various infractions of real estate protocols.

These penalties were incurred for offenses such as engaging in marketing activities for unregistered projects and failing to uphold professional standards within the industry.

Moreover, the Abu Dhabi Real Estate Centre (ADREC) disclosed that seven real estate brokers had been temporarily barred from practicing, with their brokerage offices also being fined Dh30,000 for violations related to professional conduct.

ADREC emphasised its commitment to ensuring that the highest standards are maintained in Abu Dhabi's real estate landscape by prioritising adherence to lawful practices.

This stringent approach by ADREC mirrors recent actions taken by regulatory authorities in Dubai to tighten oversight of property firms and enforce compliance with advertising regulations to promote transparency.

In February, the Real Estate Regulatory Agency (RERA), operating under the Dubai Land Department (DLD), introduced new terms and conditions governing advertisements to address negative practices prevalent in the industry.

As part of this regulatory crackdown, authorities imposed fines of Dh50,000 on 30 real estate companies found to be in breach of the specified terms and conditions governing real estate advertisements. 

For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004. Follow The Law Reporters on WhatsApp Channels.

Comments