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Property brokers earned Dh315m

Total commission received by real estate brokers during the second half of 2010 amounted to Dh315 million, a senior Dubai Land Department (DLD) official said.

The commission have been collected as a result of real estate deals being registered by brokers with the department, Brokers Licensing Department Director Yousif Al Hashimi said in a statement.

The commissions was calculated on the basis of Dh15.622 billion transaction registered in the freehold area.

He added the mortgage broker also received a commission in return of his efforts to close the deals and was granted about one per cent of the value of the deal unless being otherwise agreed between the parties.

Al Hashimi said the department has been making comprehensive database for the real estate market including related professionals so to make it easy for calculating commissions for brokers in a precise manner.

DLD has been working hard to control and organise the work of real estate brokerage companies. No longer can any individual or corporation can practice the activity of real estate brokerage unless it is registered in the Register of Real Estate Brokers, established by the DLD.

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