With more tourists visiting Dubai each year, the city is thriving. The situation has changed, and now many investors as well as tourists visit Dubai. In Dubai, the real estate market is booming. Real estate and Dubai are closely related. The city is renowned for its towers, villas, and townhomes. Luxury home demand is rising and is expected to continue to rise in the coming years. The market for real estate in Dubai is the best place to invest. Damac, Emaar, Meraas, Nakheel, Select Group, etc. are just a few developers. The UAE government promotes infrastructure projects as well as attempts to draw young people from all over the world.
Dubai Creek, City Walk, Jumeirah Village Circle (Village), Downtown Dubai, Dubai International City, Discovery Gardens, and Dubai Studio City are just a few names on a long list of properties in Dubai that have a high return on investment. The annual yield’s share varies. Low mortgage restrictions exist. The UAE Government hopes to raise LTV (Loan to Value) and lower interest rates in accordance with the Dubai 2040 vision. The real estate market is in good shape for the 2030 and 2040 visions.
Developing a real estate brokerage business in Dubai or pursuing a career as a real estate agent requires some specific steps, as explained below.
The UAE requires you to have a valid residence permit if you want to start a real estate career there. In the UAE, there are a number of visa and permit options, and the most suitable one depends on your circumstances and long-term plans.
Alya Auditors can guide you through the application and documentation process and help you find the right residence option.
Various firms, practitioners, and professionals in the real estate industry are regulated by Dubai’s Real Estate Regulatory Authority (RERA). Real estate agents in Dubai are required to pass the RERA exam.
The Dubai Land Department (DLD) requires a real estate license once you receive your RERA certification. You must visit Dubai Economy & Tourism (DED) to obtain a No Objection Certificate and submit all the required documents during the application process.
Lastly, you can establish a real estate business in Dubai if you want to. The company formation process is also straightforward when you have the relevant documents.
Now we will take a closer look at the process mentioned above.
Real Estate License is the most popular license in Dubai. After the unrest in some parts of the world for example Sri Lanka, Russia etc. people are moving from their country to UAE specially Dubai city to invest their savings.
The above are the very few activities given as an example there are many other activities which DED Authority offers under Real Estate Services. There are restrictions and external approval associated with each of the activities. Restriction to have commercial plot, retail shop, physical office whereas external approval such as RERA (Real Estate Regulatory Authority), Dubai land Department, Dubai Police etc. Escrow account is also part of the real estate activities. DED have their own group of activities to take under one license.
Mainland License Cost is approx. AED 12,000
All the free zones in Dubai have their own attractive packages including Free Residence Visa and office facilities.
External Approval charges RERA & others completely depends on the selection of activities.
If you are interested in buying real estate or looking to invest in any of the activity related to real estate in Dubai we Alya Almarzooqi Auditing ready to assist you. We will be with you from the initial enquiry to the final setup of your dream company. Please feel free to call us on + 971 487 69377 or can visit us at . To know more on Business Setup in UAE.