ByLaw for Real Estate Brokers Registration

New property laws have come into effect in Dubai that will ensure better regulation of the city's real estate market.The Dubai Land Department announced a bylaw that will insist that all brokers operating in the city are registered.The department has been working fast to ensure that all existing local real estate agents are registered as the law comes into effect.It is thought that the new regulations will help to bolster the confidence of overseas buyers in the Dubai property market. Mr. Khamis Mohammed Al Muhairi, head of the department's Land Evaluation and Studies Centre, said: "This latest initiative signals our commitment to ensuring that land transactions in Dubai are foolproof, secure, and transparent and supported by competent, professional people." He added: "The new bylaw on broker registration is a massive step forward."Dubai real estate is said to be "buzzing" with activity. Emaar group announced a record annual net profit of AED 6.371 billion (£868 million) in 2006, compared to AED 4.731 billion (&poud644 million) in 2005.