Setting up a real estate business in Dubai is a demanding and lucrative opportunity. Dubai is one of the top regions to attract foreign investment in breathtaking skylines, trading opportunities, tourism, and infrastructure. So, if you are wondering how to start real estate business in Dubai, you must follow the basic rules and regulations.
Further, the government of the UAE has also played a vital role in the boom in the real estate business in Dubai. However, numerous people from other countries buy residential flats in Dubai to settle down here. The Real estate market generates significant revenue compared to other popular countries. So, it is also an excellent opportunity to start your real estate brokerage.
What is the Cost of Setting Up a Real Estate Business in Dubai?
Strat, a real estate firm in Dubai, needs legal fees, registration fees, getting required permission, employing staff, marketing, advertising charges, operational costs, and office space leasing fees. So remember that to start a business, you need real estate investing.
Many factors are also involved in starting a real estate firm in Dubai, such as the size and scope of the company, the number of workers, the location of the office, and the marketing plans. However, once you get the RERA training certificate, you can claim a real estate license in Dubai. The license cost is around AED 12,950, and the price is AED 21,000.
How to Open a Real Estate Business in Dubai?
People who are keenly interested in setting up a real estate business company in Dubai so they can do it in free trade zones and Dubai mainland. There are other alternative ways to start a real business estate, such as;
- Business Location for Real Estate Firm
First of all, select the ideal location for your business setup. So there are two types of places: free zone and mainland. Both have different limitations, requirements, and benefits. Further, to maximize your profit choose the best location as per your requirements and business plan.
- Decide the Legal Structure
Before buying or selling the brokerage firm, select the proper business structure. Further, it will also be a great option to set up the business in an operational and financial position. So, there are types of business structures like that;
- Sole proprietorship
- Limited liability company (LLC)
- General partnership
- Public shareholding
- Private shareholding
- Joint venture
- En-commendam partnership
- Professional company
Property-related, there are numerous business activities. So they will determine what type of license you need. After your application, you can add more business activities. So remember that the license you choose must fulfill the goals and needs of your company.
- Register a Company Name
While choosing the company name, you must avoid offensive and well-known organization names. And follow the UAE rules and regulations. Once you select the company name, you must apply to the Department of Economic Development (DED) in Dubai with all the necessary documents to register the name.
- Preliminary Approval Request
To submit the required application form, you need the following documents;
- Visa copies of all shareholders
- Application form
- Passport copies of all managers or owners of all shareholders
- An attested high school or university degree certificate of partner or manager
- Getting RERA Certification
For the license issuing process, you need a certificate. So you should register for the Dubai Real Estate Institute certified training for real estate brokers course (DREI). To write the company, you need to pass the exam. After passing the course, obtain it from the Dubai police. Further, you must contact the RERA to get your broker’s ID. Once you get it, you can legally begin the career. So, these documents are required for the RERA registration.
- Application form
- DED license copy
- Payment recipient for RERA courses
- location of your business
- Tenancy contract
- Applying for a Trade License
After completing this initial process, you can apply for a trade license. So you need to submit some vital documents. You must wait for the final approval for the personal and professional licenses. Further, you must submit your new firm to the Department of Naturalization and Residency of Dubai (DNRD) and the Ministry of Labour (MOL). As a part of this process, you must pass out the blood test, fitness test, and chest x-ray. However, you must submit your business details, shareholders and identification, and proof of your address.
- Memorandum of Association
A completed MoA is necessary and depends on your firm’s legal structure. After this, the court will legalize these documents.
- Obtain Approval From the Dubai Land Department
Most people want to know how to become a real estate agent in Dubai. Before operating the real estate business, you must get approval from (DLD). So, the Dubai Land Department (DLD) is the government that sees the activities related to real estate in UAE.
Advantages of Starting a Real Estate Business in Dubai
People are worried about how to start real estate business in Dubai. So, it is pretty straightforward and advantageous. Creating a real estate business in the UAE has a few benefits.
Dubai has a tremendous investment in the development of transportation and communication. So, the UAE is one of the most technological cities. Further, the real estate sector supports this infrastructure, which attracts people to access the client.
Strong Real Estate Market
Dubai’s real estate market is one of the most worthwhile places in the world for investors, visitors, and tourists, as a global hub for business and tax regimes. Several facts prosper the real estate business in UAE. So, the real estate market is booming, raising prices and increasing transaction volume.
The Simplicity of Doing Business
Dubai government operates the different policies in the city. Further, the supportive regulatory atmosphere, solid legal foundation, and simplified license processing are included in it. So, the UAE is a great place to establish a firm business because it has a steady economy, first-rate infrastructure, appealing tax laws, and a prime location. Due to these elements, Dubai is an extraordinary place.
As an advantageous place, Dubai, Africa, Europe, and Asia are significant worldwide land. Moreover, the real estate business in Dubai has a large pool of customers.
Don’t worry about how to start real estate business in Dubai. So, the firm’s startup is easy due to the registration process and the board support services. However, take advantage of this opportunity.
Frequently Asked Question
How much revenue can the real estate agents have?
An agent in the United Arab Emirates can make AED 10,000 to 50,000 monthly.
Do you need a license to sell real estate in Dubai?
To become a real estate broker, you must be licensed by the Dubai Land Department (DLD). Further, to obtain a license, you must pass the exam and complete the real estate course. So it would help if you filled in the required criteria. And you have a good understanding of your work.
Can Foreigners become a real estate agent in Dubai?
In UAE, you cannot become a freelance agent. So, to apply for the broker’s permit, you need to be a registered real estate brokerage employee. GCC nationals and UAE citizens can easily access the licensing process. And you need a proper residency visa to apply for a real estate agent in Dubai.
Conclusion of How to Start Real Estate Business in Dubai
The real estate firms are growing fast nowadays in the UAE. So you must spend a lot of money buying and purchasing their properties. Moreover, you need to know all the rules and regulations to open a UAE business. The property market is constantly changing in Dubai, so it is necessary to know the recently updated rules and laws of the real estate business. So, establishing a business in Dubai is full of challenges, statutes, regulations, and licensing permits.