Dubai February 23, 2024: Eng. Zuhair Ali Bin Redha, Chairman of the Dubai Real Estate Brokerage and Property Group, and Waqar Hasan, CPM, Vice Chair of the Group, met with Mr. Alireza Memar, Global Ambassador of the National Association of Realtors (NAR). This meeting aimed to discuss and improve professional standards within Dubai's real estate industry.

Key topics included the need for a stronger real estate community voice in lobbying governments and regulatory bodies, and the advantages of implementing a Multiple Listing System (MLS) to enhance transparency, efficiency, and broker collaboration. The discussion also highlighted the importance of clear Buyer and Seller Representation to protect the interests of all parties involved in real estate transactions.

A notable issue addressed was the problem of multiple brokers advertising the same property, leading to unnecessary advertising duplication and confusion about property availability. This inefficiency highlights the benefits of broker cooperation to conserve resources and seize opportunities. Additionally, the meeting covered the adoption of international best practices, including Fair Housing practices for equal treatment and non-discrimination, and the proposal to establish credit unions for financial support to realtors.

The Dubai Real Estate Brokerage and Property Management Group, an initiative by the Dubai Chamber in line with the D33 agenda of the Dubai government, aims to enhance private sector representation and raise the real estate industry's standards to global levels. The National Association of Realtors (NAR), with over 1.5 million members globally, advocates for its members and aims to elevate their professionalism and success. This dialogue marks a significant step towards achieving these goals within Dubai's real estate sector.