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Al Mazaya’s Report asserts that
addressing the professionalism within
the industry will help the market and
maximise revenues for all parties. It
will also highlight the necessity of
creating appropriate controls for online
marketing processes, which are largely
employed by unlicensed brokers.
It is noteworthy that the series of laws
and legislation already in force, in many
countries in the GCC, have contributed
to reducing malpractice and it is clear
that the steps being taken in these areas
are edging the region’s markets towards
greater transparency, stability and
growth. Of course, the real estate market
can benefit from further controls and
laws, with further monitoring and follow-
up tools on all violations and negative
practices offering the region a competitive
edge for foreign capital seeking
stable investments in stable markets.
Conclusion
In assessment of the negative impact of
malpractices carried out by real estate
brokers in the region's markets, there
is universal agreement that laws and
due diligence procedures are needed to
maintain a properly regulated and fairly
governed real estate market. That said,
market indicators concur with Al Mazaya's
assertion that some real estate owners
are dealing with brokers to close sale
and lease deals, with the aim of saving
commissions and expenses charged
by licensed real estate brokerage firms;
therefore, there is still much to be done
to ensure fair practices are upheld. In
response, Al Mazaya’s Report urges the
speedy and strict introduction of laws and
legislation to crack down on violations that
inflict damage and harmupon both lessees
and the real estate market as a whole.
Mazaya Monthly Real Estate Report -
Week 2 - May 2016