Fractional Ownership News

Timeshare brokers get red card in Dubai

In an attempt to clarify and regulate the emirate's real estate market, Dubai's property regulator has started issuing colour-coded identity cards to brokers, with timeshare sellers identified by red cards.

The Real Estate Regulatory Agency (RERA) will issue registered agents one of four types of colour-coded cards allowing them to sell a particular type of property in a specified area of the emirate, according to UAE newspaper the National.

"This initiative is the next major landmark in the process of safeguarding property buyers, owners and investors' interests by consolidating the rigour, accountability and transparency that is so crucial to the market," Yousef al-Hashemi, the director of licensing at RERA, told the newspaper.

Red cards will be issued to timeshare brokers. Holders of a blue card will be allowed to conduct all types of property sales and operate throughout Dubai. They can also operate within free zones. A yellow card will be given to those licensed by a free-zone authority to only conduct sales within freehold areas owned by the authority. Holders of green cards will only be able to sell property on behalf of specific developers.

Fractional Life has contacted RERA to clarify which cards apply to sellers of deeded fractional properties, and will report as soon as we can.

10/09/09