DLD Issues Updated Regulations for Property Ads
Dubai Land Department has issued new guidelines and regulations pertaining to property ads. Failing to comply with these updated DLD regulations will result in a penalty.
According to these regulations, it has now become mandatory to get relevant advertising permits before posting a property ad. It will be the responsibility of the property portal to authenticate the permit before displaying the ad.
Reasons for the Implementation of Updated DLD Regulations
Through the implementation of these regulations,?DLD ?aims to eliminate the possibility of misselling properties. To put it more clearly, sellers/advertisers will only be able to advertise what the property can actually deliver. They cannot promise what’s not included in the property. Similarly, this step will also prevent the over-selling of properties.
This way, there will be more transparency in the property buying and selling process, thereby ensuring the safety of all the parties involved.
A Step Taken in the Right Direction
Real estate experts believe that the implementation of these updated DLD regulations is a step taken in the right direction as it protects the rights of both buyers and sellers. Furthermore, it also benefits real estate agencies since it improves the chances of lead generation because they will only be displaying accurate and authentic information.
Having said that, it is to be noted that these regulations are mainly applicable to the resale market since it is already compulsory for developers to get permission and approvals from the relevant authorities.
As per these updated DLD regulations, property portals and brokers will have to fill up FORM A in order to advertise a property. This has become compulsory irrespective of the medium of advertisement. If an agent or broker doesn’t have a signed FORM A, they cannot promote any property unit.
According to real estate experts, this latest initiative will strengthen Dubai’s property buying and selling framework. It will make the market safe for everyone, giving foreign investors another reason to invest in the ever-growing Dubai property market, which is set to?outperform global housing markets .
How to Obtain Advertising Permits?
Brokers, in order to obtain the advertising permits, have to follow the given procedure:
Penalties for Not Complying with the Updated DLD Regulations
It has been reported that a broker has already been penalised for not complying with the updated DLD regulations. Reports suggest that a broker has been penalised with a fine of AED 50,000 by DLD as they were promoting a property through an online advertisement without obtaining the approval of the seller.