How to Obtain a Real Estate License in Dubai?
Although the Dubai market may have been sluggish for the past one or two years, Dubai real estate is still making good returns. Earnings above 6% are not rare here, making Dubai’s property market more profitable than many other cities. For instance, London yields an average of 4.4 percent, while New York yields 4 percent. Such returns make Dubai real estate an attractive suggestion for investors from all over the world. As the investment market grows, so searches for ancillary services such as brokerage, property management, and growth.
With the best support, establishing any of these businesses is candid and affordable. Here’s everything you require to know to obtain a real estate license in Dubai.
How to Apply for your real estate license in Dubai
You can apply for a license to set up your real estate business in Dubai, depending on your name, activities, and setup type. If you want to implement brokerage or property management services, you should ask for a professional service license.
You can apply directly to the Department of Economic Development (DED) or several independent regions in the UAE.
Free Zones is the most direct and cost-effective means to begin a real estate firm and offers several attractive advantages, including zero percent personal, corporate income tax, and hundred percentage exemption from customs tax. Unlike many other nations, UAE free zone businesses also profit from the freedom to repatriate funded capital and values. There are no foreign exchange restrictions or currency limitations. In addition to your trade license, you will need extra accreditation to operate in the UAE real estate industry.
You need to pass certified training for real estate brokers with the Real Estate Regulatory Authority (RERA) to gain approval to trade in the real estate market. Once established, you will be allotted a permit and can begin trading.
What are the documents required to obtain a real estate license in Dubai
You can grow a thriving real estate agent in Dubai with proper procedures and reliable services to your clients.
Here are the documents required to become an Authorized Real Estate Agent in Dubai:
- Resident Visa
- Training in DREI
- Eligibility for post-training examination at DRI
- Real estate agent license in Dubai declared after the examination.
- License renewal is mandatory one month before the due date
How much cost is required?
The cost for obtaining your real estate license in Dubai will depend on several determinants, including your particular business activities, business size, and location. But, in most cases, startup expenses are usually low.
For instance, if you decide to set up in the Fujairah Creative City Free Zone, you can spend around AED 20,000 to obtain your real estate license.
If you need more staff, Fujairah Creative City grants some office space. Six Flexi-desk packages – enabling managers to use business amenities such as desk space, mail settings, internet, and phone mode – are available for up to six employee visas. On tip of this, you must pay the course fee of AED 2,500 for real estate brokers.
How to get a real estate license in Dubai
If you want to set up as a property developer in Dubai, the rules are more stringent. At the instant, RERA only allotts companies enrolled with DED to undertake real estate development enterprises to engage in development over the UAE. Companies must be 100% owned by UAE citizens.
Summary
Although the steps required to start a business in the UAE are not overly complicated, it does need some knowledge of the process. You should note that the applying process is straightforward only when your business application is complete and free of mistakes at the moment of submission.
To guide you and to make sure this is the case, it is the best idea to work with a company providing business setup in Dubai. In addition to handling your license application, you can open corporate bank accounts, assist a company formation expert and advise on the most suitable financial institution for your specific needs.
Most of them offer visa and immigration services and can advise all the government formalities, licenses, work authorizations, and visa applications wanted to do business in the UAE.
In brief, business setup consultants can set up your company on your behalf easily, create a license and visa applications and maintain all the necessary admins – freeing you to focus on doing the best you can.
