Dubai real estate brokers scooped US$190m windfall

Dubai real estate agents made a total of AED700m (US$190m) in commission last year, according to figures announced by the Real Estate Regulatory Authority (RERA) on Wednesday. Real estate brokers generally receive one percent of the deal value as a commission on successfully sealed deals, unless parties agree otherwise, RERA said. According to official figures, AED34bn (US$9.2bn) worth of sale of land, villas, residential units, such as apartments and hotel apartments, and offices in freehold areas were made in 2011, the report said. Average salaries of real estate professionals in the Middle East fell slightly to AED37,965 per month (US$10,335), compared to last year's figure of AED38,351 per month, according to the results of a study published in September by Macdonald & Company, the property recruitment company.