Industry Real estate Headquarters Dubai | Website www.simsari.com Founded 2006 | |
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Type Real Estate Regulatory Portal | ||
Simsari is a web based product designed and developed by Emirates Real Estate Solutions, an authorized agency to provide technological solutions for the real estate industry of the UAE. It is approved by the State Government of the Emirate of Dubai and the Dubai Land Department. It was previously launched in 2006 as the only government-supported online real estate portal by two privately owned corporate innovators Tamweel and Tejari. Later Dubai Land Department nationalized this private brand and Simsari was taken over by Real Estate Regulatory Authority (RERA) supported by Dubai Land Department. The primary aim of launching this online registration system is to develop genuine and trusted Multiple Listing Portal in order to regulate real estate brokers allowing them to create contractual offers.
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Simsari launch
As RERA took over Simsari (an online property registration portal) for sellers and brokers, it is re-launched in 2012.
Things were in progress and RERA has finally ordered and approved property owners and property brokerage firms to register all of their assets available for sale on Simsari.ae. And by the end of August those who have not get their properties registered with Simsari.ae will have to face penalties. RERA clearly mentioned this fact in an official notice issued to all brokerage firms on 19 July 2012. The deadline for property registration with this online portal is 31 August 2012. Dubai Land Department and RERA will consider it as a mandatory requirement from 1 September 2012. Therefore, all RERA approved real estate brokers and property management firms who don't get their properties registered on this online registration system before this deadline will be penalized.
Advantages
A major benefit of registering properties with this new legislative online registration portal is that it will successfully limit the number of ghost listings in Dubai. It is a common practice of real estate property sellers to list a single property with several brokerage firms with different prices. After registering with Simsari, every real estate agency or agent can only list one property with not more than three property management firms.
It provides detailed information about listed properties with financial approval. In contrast for sellers, Simsari provides complete property marketing services and partnership with other agents. After the re-launching of Simsari under the regulation of RERA, it successfully ended fake property listings and brokers.