Dubai: Real estate firm’s name, escrow account, other details must on ads

Dubai: Real estate firm’s name, escrow account, other details must on ads

The volume of sales transactions were the highest in the past nine years in June 2022 as the emirate recorded a total of 8,897 sales transactions worth Dh22.75 billion in the month. -- File photo

Property companies in Dubai are required to display Real Estate Regulatory Authority (Rera) official permit number on advertisements as well as some other details related to the company and project.

According to Ali Abdulla Al Ali, director of the Real Estate Licensing Department at Rera, the must include the name of the real estate company as well as the escrow account number, the name of the developer and the project must be mentioned in the advertisements for off-plan properties.

Al Ali’s comments came in a video shared on Rera’s social media as part of the awareness campaign for individuals and corporates operating in the real estate sector.

These initiatives will enhance transparency in the local real estate market and also make the sector compete more effectively. Enhancement in transparency will result in more foreign investments in the property market and also make it a more mature industry.

The emirate’s real estate attracts billions of dirhams investment from foreign investors every year. The sector has been witnessing a strong recovery after