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Dubai to introduce new measures to ensure broker transparency
New measures are being introduced in Dubai next year to make sure hundreds of new real estate brokers are monitored. The Emirate has seen over 500 new brokers setting up this year alone and the Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department, wants to make sure they are compliant. It has announced the introduction of four new regulations to control brokers at a time when the real estate broker sector is booming due to the recovery in the property market. Overseas buyers are again investing in Dubai led by Indian and British nationals. ‘We are going to introduce four new measures to control the brokers. We had over 8,000 brokerage firms with 10,000 brokers at one time, but now we have 2,205 firms with 5,021 brokers. We saw 567 new firms setting up business this year and we believe the numbers are still high for Dubai,’ said Marwan bin Ghalita, RERA chief executive officer. The new regulations will come into force next year and will see the pass mark for the mandatory test for renewal of broker’s license rise from 75% to 85%. Also, broker cards will be eliminated, but broker registration will be linked with Emirates identification. The changes will also mean that new brokerages will be allowed only four broker visas to start with and any increase will depend on their performance. Brokers, who fail to do any transaction for six months to 12 months will have their registration cancelled. Other changes are being considered. For example there is concern at an industry level that property owners not signing broker contract agreements, known as Form A. RERA is now considering making the contract obligatory before a property can be marketed. ‘If the seller does not signing Form A, the seller will not be able to list the property and sell it through any agent in Dubai,’ he disclosed, adding that a multiple listing system would come in place soon which will limit the listings for the seller in the market. Since May unified real estate contracts have been mandatory with the aim of protecting the rights of sellers, buyers and brokers in any real estate transaction. The latest data from the Dubai Land Department show that there were 17,289 real estate transactions worth AED37.5 billion in the first half of the year. Indian and British buyers topped the list for foreign investment and Jordanian investors led the regional list of buyers. ‘To say that we are delighted with the real investment transaction figures from January to July would be an understatement. We are extremely proud of these positive results, as they reflect a building momentum in Dubai’s real estate market,’ said Sultan Butti Bin Mejren, DLD director general. ‘Dubai’s real estate market has now reasserted itself on both the regional and global stage. We are certain that the future will see even more demand, especially in light of the government's declaration of forthcoming major projects,’ he added. A breakdown of the figures show that Arab Investors completed… Continue reading
Survey reveals extent of UK residential tenant fears over maintenance issues
One in five tenants in the UK has been evicted by their landlord or agent for complaining about problems, such as faulty boilers and leaking roofs, it is claimed. A survey conducted by online lettings agents PropertyLetByUs, also reveals that nearly a third of tenants are fearful of evictions if they complain about maintenance issues. The most common cause of complaints are faulty boilers at 28%, followed by leaking roofs at 22%, faulty showers and mould and condensation at 14%, leaking bathroom and window locks at 10%, broken windows at 8% and finally smoke alarms, pests and vermin at 6%. The research also shows that some tenants are waiting a long time to get problems fixed. Nearly 20% of tenants are having to wait one to two months, while 12% of tenants have experienced landlords that never fix the problem. Just a third report their landlord fixes problems quickly within a couple of days. ‘It is shocking that tenants are living in fear of being evicted and that many have to wait a considerable amount of time to get problems fixed. Landlords have a duty of care for their tenants and leaving problems, such as faulty boilers can be very dangerous and put lives at risk,’ said the firm’s managing director Jane Morris. She explained that there has been a lot of industry discussion on so called revenge evictions over the last few months. For example, there was a case earlier this year of a tenant who was ordered to leave his home in Ashford, Kent because the boiler in his £695 a month home kept failing. ‘It us a worrying trend. According to Shelter, in the past year alone, more than 200,000 people have faced eviction. It’s high time the government considered a system to encourage more good landlords into the market to increase the stock available and its quality,’ said Morris. ‘I welcome the calls made by the industry for extra tax breaks to improve private rental housing and fully support the call for effective regulation to tackle rogue landlords,’ she added. PropertyLetByUs has put together some guidelines on landlord response times for tenant complaints. It points out that landlords and agents have a duty of care to advise tenants on the correct course of action while contractors are organised, such as turning off gas taps, water stop cocks or main electricity supplies, to ensure that any problem does not cause danger to life and property. Any gas or major electrical fault is classed as urgent and should be attended to within 24 hours or less. This also applies when heating or hot water is affected, especially during cold weather. Water leaks should be dealt with within 24 hours, cookers within 48 hours and other broken appliances such as washing machines and dish washers should be attended to within 72 hours. ‘Communication is key and the landlord or agent should keep the tenant… Continue reading
Demand for new properties in Miami impacts on existing home market
Demand for new construction properties continued to impact the Miami existing real estate market in August as reflected by sales activity, prices, and rising inventory, according to the latest report from the Miami Association of Realtors. Sale prices again increased for existing single family homes in August, while the median sale price for condominiums dipped slightly. The MAR said that prices remain at affordable 2004 levels despite 33 months of consistent increases for single family homes. Condo prices had increased for 38 consecutive months and began increasing long before that of single family homes. Condo prices declined in August for the first time in more than three years. The median sale price for single family homes increased 6.4%, up to $250,000 from $235,000 in August 2013. The average sale price for single family homes increased 24.7% from $364,960 in August 2013 to $455,108 last month. Compared to August 2013, the median sale price for condominiums decreased by 4.2% to $182,000 from $190,000 a year prior. The average sale price for condominiums decreased -6.9% to $346,847 from $322,743 in August 2013. ‘The Miami real estate market continues to normalize as the new construction sector gains momentum and generates strong demand for additional new supply, impacting the existing condominium market,’ said Liza Mendez chairman of the MAR board. ‘Despite declines in sales and condo prices, the performance of the Miami residential market continues to be comparable to what it was in during periods of record sales activity,’ she added. Single family home sales in Miami-Dade County decreased 4.4% relative to August 2013, from 1,210 to 1,157. Compared to August 2013, condominium sales declined 21.4% from 1,592 the previous year to 1,252 last month. Combined, residential real estate sales decreased 14% to 2,802 compared to 2,409 in August of last year. The report points out that Miami real estate continues to sell at a rapid pace and at nearly asking price, reflecting strong demand. The median number of days on the market for single family homes sold in August was just 47 days, an increase of 34.3% from August 2013. The average percent of original list price received was 95.4%, down a negligible 0.8% from a year earlier. The median number of days on the market for condominiums sold in August was 53 days, an increase of 15.2% compared to the same period in 2013. The average sales price was 94.7% of the asking price, a decrease of 2.6%. ‘Although the Miami market continues to normalize creating more balance between buyers and sellers, some price points, particularly for single family homes, still reflect strong demand coupled with limited supply,’ said Francisco Angulo, MAR residential president. ‘In certain market areas and price points, homes for sale are still generating multiple offers, sales above asking price, and competition between prospective buyers,’ he added. The data also shows that cash sales in Miami continue to decline as more financing becomes available. Still, access to mortgage loans for condominium buyers remains limited, impeding further market strengthening. In Miami-Dade County, 54.4% of… Continue reading
