Dubai property agents warned not to harass visitors at Cityscape
Real estate regulator Rera says no chasing 'investors in corridors and parking lots'
Real estate agents have been warned not to harass potential buyers at Dubai's biggest property fair or face losing their licence.
Brokers were told not to "chase investors in corridors and parking lots" at Cityscape, which began on Tuesday.
In a circular sent out on Tuesday titled 'stop malpractice', Real Estate Regulatory Agency (Rera) warned of financial penalties for bothering visitors, ARN News first reported.
"Violating these instructions will incur penalties on the real estate developer and broker that may result in financial [penalties] and/or the cancellation of their registration from Rera records," read a notice signed by Marwan bin Ghulaita, head of the agency.
It said exhibitors should stick to their stands and wait for potential buyers to approach them.
More than 100 companies including developers, consultants and architects will display projects at the three-day event, at Dubai’s World Trade Centre from until Friday.
The fair is hosted against a backdrop of significant supply over demand, leading to a drop in sale prices and rent for tenants.
Market analysts Core Research predict sale prices and rent will continue falling this year. In total nearly 29,500 units will be delivered in the emirate this year, with 16,500 of those already finished and on the market.
Speaking to The National, Ahmed Alkhoshaibi, chief executive of Sharjah’s Arada Developments, said the Gulf’s property market has "been facing a tough time" due to sluggish economies and slower consumer spending, though he said local markets such as Sharjah are performing well.
Updated: September 24, 2019 02:51 PM