Up to 486 property firms in Dubai did not renew their licences for 2018
A record 486 property companies and real estate brokerages that were in business in 2017 did not renew their licences for 2018, real estate portal Property Finder has revealed.
The number represents a 12 per cent decrease in registered property companies from 2017 to 2018, according to figures from Dubai Pulse – the open data platform initiative from the Smart Dubai Office.
On average, firms in the real estate industry have reduced by 8 per cent year-on-year for the past two years.
Currently, the emirate has a total of 3,680 brokerages, with the number of agents increasing by 4 per cent to 6,473 in 2018.
The report comes even as the slump in Dubai’s property market continues, with ratings agency S&P predicting earlier this week that prices in the residential market will not recover in 2019.