O
pinions expressed by Entrepreneur contributors are their own.

    Dubai's real estate market is a behemoth, with 5,933 active brokers and 2,285 registered offices, according to the Dubai Land Department. The sector's dynamism is evident in its massive transactions – AED17.73bn ($4.8bn) were recorded between June 23 and June 27 alone.

    High-end sales transactions include an apartment in Balqais Residences selling for AED29m ($7.9m), one in The Royal Atlantis Resort and Residences going for AED11.3m ($3.1m), and another in Bayview Apartment selling for AED11m ($3m). This has attracted thousands of people, including many from abroad, to Dubai's real estate scene.

    However, the industry's competitive nature means that many brokers work on commission only, leaving them without a salary for months. This desperation can lead to brokers prioritizing their own interests over those of their clients. Furthermore, some brokerages charge employees joining fees exceeding $1000 and other expenses like desk and phone usage, resulting in negative income for many.

    This is often justified as part of the industry's high-risk, high-reward nature. But should this be the case? Is it time to consider new regulations that guarantee brokers a minimum salary? I believe doing so would benefit not just brokers but also buyers and sellers alike.