Double-digit drop in Dubai real estate companies
A total of 486 property companies and real estate brokerages failed to renew their licences in 2018, according to new data collated by real estate portal Property Finder.
According to Property Finder, data from the Dubai government’s ‘Dubai Pulse’ data initiative show that there are now 3,680 remaining brokerages that “stand strong in a market that is consolidated and refining its talents and offerings”, which respresents an 11% drop on the 2017 figure.
The Dubai Pulse data also shows that the number of agents increased 4 percent to 6,473, while, on average, the number of firms in the real estate industry has fallen 8 percent year-on-year for the past two years.
Additionally, despite exits, compared to 2008 the number of licensed brokerages has risen 129 percent.