More red tape, more losses. Dubi govt will censor your property ads starting this Sunday in the name of regulation. They think they can manipulate prices to prevent the crash. Your ads to sell low will be rejected. You should demand high, so that the govt related developers can sell their properties to the few buyers left. You should wait of course till there are no buyers left. Imagine that you have to get approval for Defence property sale from the Pakistani government for each and every ad even on web, twitter, facebook, and other social media.
They also want to curb the developers from India, Pakistan, Philippines, etc. to advertise their projects in Dubai. They are so desperate, that the fake/fabricated news of bottoming out rents and prices are not working at all. Of course Dubai developers both public and private can easily give full paper ads in Pakistani newspapers like Jang without any govt approval or check to defraud innocent Pakistanis thanks to their darbarees in the Pakistani govt and media.
Dubai property ads need gov't approval from Sunday, says RERA
Marwan Bin Ghalita, CEO, RERA.
All property adverts must be signed off by Dubai’s real estate regulatory department before going live, under new rules that come into force on Sunday.
Real estate agents operating across the emirate this week received a circular from Marwan Ahmed Bin Ghalita, CEO of the Real Estate Regulatory Agency (Rera) informing them of the changes.
The circular, seen by Arabian Business, says that all brokers must apply to the Dubai Land Department (DLD) for permits either through its website or the new e-service ‘Trakhees’ system.
Permits are needed for “any real estate announcements” – including print and radio ads, as well as those posted on websites and social media such as Facebook and Twitter.
http://www.arabianbusiness.com/dubai-property-ads-need-gov-t-approval-from-sunday-says-rera-647255.html#.V_DzM8__rDc
Selling overseas property in Dubai will not be a breeze
From October, marketing such real estate deals will need prior approval from Land Department
Published: 14:38 September 27, 2016 Gulf News
By Manoj Nair, Associate Editor
Dubai: Overseas developers beware! The same holds true for estate agents.
They cannot any longer just take a flight to Dubai, place an advertisement about the property they want to hawk, pass on a few glossy brochures and then hop on to the next flight back home.
If they do so, it’s going to cost them dear. Beginning October, they will need to obtain “official permission” before they can make real estate specific announcements in Dubai. This will apply across all advertising and marketing platforms, including on digital/social media.
In a major push to bolster consumer protection, the Dubai Land Department is cracking down on any local campaigns promoting overseas property deals. They can still do so, but will need pre-approval from the Land Department in all instances. “For developers abroad, it means having a licence in Dubai for announcements made through a registered real estate broker in Dubai,” said Ali Abdullah Al Ali, director of the Real Estate Licensing Department. “And the broker must obtain the permits required. There are conditions and requirements to be submitted to obtain the permit.”
http://gulfnews.com/business/property/selling-overseas-property-in-dubai-will-not-be-a-breeze-
Deloitte predicts Dubai property prices to fall further.
Surfer® replied on Sunday, October 2, 2016 04:17 PM
@ Ravian Gik
A Very good Article reflecting your courageous effort for exploring sinking Dubai Property market.
I hope most of our overseas brother's get something out of it. "In shaa ALLAH".
And hopefully soon realize the potential of local Pakistan property market. |
Nabeel® replied on Monday, October 3, 2016 06:47 AM
The focus of the new rules is regulation and protection of the end consumer. Just to be clear this is not a discussion of investment in Dubai versus in Pakistan.
To be honest, there are currently no ads selling at low prices or at distress prices. Most ads in Dubizzle and propertyfinder.ae are placed by real estate agents who place ads with inflated prices in order to prop up prices or show artificial values. Our Pakistani real estate agents in UAE at the forefront of these. Obviously the higher a property sells for, the higher is the commission for the agent (same as in Pak.)
I know this because I have been exploring distress purchases in the market, and have not been able to find any distress sales. The reason is that the rental market is still very hot, and even with recent rent decreases, ready properties are rented at prices which meet their mortgage payments, hence no pressure on sellers to sell.
After giving a lot of ads I found only one distress seller for an off-plan property which has been under construction since 2006 and still only 70% complete. Certain segments (already mentioned by friends above) have strong holding power here, and yes, middle class or even upper middle class should stay away) |
Habib replied on Monday, October 3, 2016 08:59 AM
with Apology to some stake holder, I will reiterate that Dubai is very artificial market. They can go to any extent [like Bahria] to mint money from investors. Putting ban on sale , Putting Tax on annual basis, increasing maintenance and Cooling Charges |
