As if falling oil prices and the global economic turmoil weren't enough, the United Arab Emirates' real estate market has yet another concern—duplicate listings. According to a report by TradeArabia, the UAE's online real estate market loses at least 1 billion U.A.E. dirhams every year in duplicate listings. The amount, which translates to about $272 million, was given by Daniel Hart, chief executive of Masterkey, a local real estate management software. Hart and his team estimated the annual losses by taking into consideration the amount of time, overheads and additional marketing expenses that companies incur when duplicate listings are published. “It is a major headache in our industry,” Hart told the business news publication. More: Dubai Feels the Heat of Global Turmoil [TradeArabia]
The High Cost of Copies
A firm estimates that the United Arab Emirates loses $272 million a year to duplicate listings
A new report examines how duplicate listings affect the real estate market in the U.A.E.
Naufal MQ/Getty ImagesA new report examines how duplicate listings affect the real estate market in the U.A.E.
Naufal MQ/Getty Images