UAE: 50 fines issued against real estate agents, 7 licences suspended for violating rules

UAE: 50 fines issued against real estate agents, 7 licences suspended for violating rules

Published: Tue 14 May 2024, 8:16 AM Last updated: Tue 14 May 2024, 8:44 AM

Several real estate agents were fined, and brokerage licenses were suspended for non-compliance with real estate rules and regulations in Abu Dhabi.

According to authorities, 50 fines were issued against brokers for violating real estate rules and regulations during the first quarter of this year.

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These brokers were also penalised for unregistered project marketing, as well as failure to adhere to professional conduct.

In addition, the Abu Dhabi Real Estate Centre (ADREC) reported that seven real estate brokers were suspended from practising, and their brokerage office was fined Dh30,000 for failing to adhere to professional conduct.

The ADREC ensured that the authority prioritises lawful practices in line with their efforts to maintain the highest standards in Abu Dhabi’s real estate sector.

This decision by ADREC follows Dubai’s regulatory authority's clampdown on property firms to ensure strict adherence to rules related to advertisements for transparency.

In February, the Real Estate Regulatory Agency (RERA), the regulatory arm of the Dubai Land Department (DLD), established terms and conditions to govern advertisements and curb negative practices within the industry.

Authorities imposed a fine of Dh50,000