Licenses needed to boost industry’s image in Dubai

Real estate examinations and licenses for brokers must be made compulsory, Limitless announced at Cityscape today (Tuesday). Otherwise, consumer confidence in Dubai’s reputation as a centre for property investment could diminish, the company said.

Speaking on day two of Cityscape, Ghassan Kachouh, Valuation Manager for Limitless, called for all real estate agents in the Emirate to be qualified. “At the moment, there are no licensing requirements, so the industry is open to anyone who wants to set themselves up in the business. As a result, buyers have no way of knowing who the professionals are, and often find out the hard way,” he added.

“Too many brokers are operating with little or no experience, often giving property buyers bad advice, poor service and underhand treatment. Apart from a few established, experienced agents, most brokers in Dubai have set themselves up because they see real estate as an easy way to make a fast buck. The danger is that the entire industry will become tarred with the same brush, undermining consumer confidence in the market,” said Kachouh.
Kachouh points out that inexperienced brokers are a particular problem for first time buyers, who do not have a support network of professionals to advise them.

“Regular investors will have a team of accountants, lawyers and financial advisors to ensure that their investments are solid, worthwhile and properly executed. But those buying for the first time will have no previous experience, and need trustworthy, certified professionals to help them with their purchase. Introducing a recognised qualification for the real estate industry is the only way to ensure that consumers get a reliable, professional service,” he added.

“We must address this issue quickly through better training and other supportive initiatives, which will help the market mature professionally.  Dubai’s developers can and will play a vital role in improving standards,” he said.

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