Words: Ashley Rigg
Published: 9th September 2009
Red cards for fractional sellers
RERA, Dubai’s property regulator has begun issuing identity card to agents in an effort to clean up the sector which has been marred by recent high-profile contractual disputes and cases of fraud.
Agents selling fractional property including timeshare will be issued with red-coloured cards as part of the scheme. Brokers will be issued with one of four types of identity card depending on the type of property they sell and the areas they sell in.
- Blue card – Allows all types of property sales throughout Dubai including Free Zones.
- Yellow card – Allows selling in Free Zones and freehold areas owned by the authority.
- Green cards – Only allowed to sell on behalf of specific developers.
- Red cards – Issued to sellers of timeshare property.
For it to work, property buyers need to be aware of the scheme so they will ask to see identification.
It also requires a significant investment in marketing from RERA and the Dubai government and a commitment to fairness in the way cards are issued and rescinded. If cards are issued nepotistically to friends and contacts of officials it will undermine the whole system.
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