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UAE: Seven licenses are suspended and fifty real estate agents have been fined for breaking regulations.

In Abu Dhabi, several real estate agents faced penalties for breaching regulations, signaling a crackdown on non-compliance within the sector. The Abu Dhabi Real Estate Centre (ADREC) disclosed that during the first quarter of the year, a total of 50 fines were issued against brokers for various violations of real estate rules and regulations. Among the infractions cited were unregistered project marketing and failure to uphold professional standards. As a consequence of their actions, seven real estate brokers saw their licenses suspended, and their brokerage office was fined Dh30,000 for failing to adhere to prescribed professional conduct guidelines.

ADREC's enforcement actions underscore its commitment to upholding lawful practices and maintaining the highest standards in Abu Dhabi's real estate sector. The authority's efforts are aimed at ensuring transparency and integrity within the industry, safeguarding the interests of both consumers and stakeholders. By penalizing errant brokers and suspending licenses, ADREC sends a clear message that adherence to regulations is non-negotiable and that violators will face consequences for their actions.

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The move by ADREC mirrors similar regulatory measures taken in Dubai, where the Real Estate Regulatory Agency (RERA) has been vigilant in enforcing compliance with advertising regulations within the property sector. In February, RERA, the regulatory arm of the Dubai Land Department (DLD), introduced stringent terms and conditions governing real estate advertisements to curb negative practices and promote transparency. Notably, 30 real estate companies in Dubai were fined Dh50,000 each for failing to comply with the specified terms and conditions in their advertisements.

These regulatory interventions reflect the authorities' proactive stance in ensuring the integrity and credibility of the real estate market in the UAE. By imposing penalties on violators and enhancing oversight mechanisms, regulatory bodies aim to foster trust and confidence among investors, tenants, and other stakeholders. The stringent enforcement of regulations not only serves to deter unlawful practices but also contributes to the overall stability and sustainability of the real estate sector, which plays a crucial role in the UAE's economic development.

May 14, 2024 11:30 a.m. 6423

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