This article will cover how you can start your own real estate business in Dubai.
Dubai is one of the hottest property markets in the region. After a bit of turbulence during the world economic crisis, Dubai’s property market is on a path of sustainable growth. The recent announcement of a record UAE Federal budget for the next three years, along with economic growth tied to Expo 2020, will act as a strong stimulus for the economy for many years to come.
Dubai Real Estate Market
Recent statistics released is showing steady growth and an increase in the number of new investors in Dubai’s property market. AED19 billion ($5bn) of new investment has been made in the sector. This shows strong confidence in the market. A study on the cost of residential real estate versus the GDP per capita in key city hubs globally revealed that Dubai offers a very attractive value proposition for investors.
Real Estate Business Registration in Dubai
We recommend becoming familiar with the peculiarities of the local real estate market before you proceed down the path of business registration. Even if you’ve considerable experience in your home market, still many real estate firms in the city rely on strong networks between each other and expat communities.
Unfortunately, if you don’t tap into these networks by actively networking and conducting local research, it will make your path to success much more challenging. Therefore the best type of license for your real estate business is a local business license issued via the Dubai’s Department of Economic Development (DED) after getting the requisite approvals from the Real Estate Regulatory Agency (RERA).
Certainly, you will need an Emirati national as a partner or sponsor to register the business which our business consultancy service can facilitate in finding. Also please keep in mind that the Emirati national that you select as a partner must not have any other real estate licenses under his sponsorship. We can help you structure an agreement where your interests are protected.
Real Estate License in Dubai
For real estate license in Dubai, mandatory training courses are required through the Real Estate Regulatory Agency (RERA). If you have a university degree, you will need to take the Real Estate Certified Practitioner’s Training Course.
You need to enroll for the Real Estate Executive Diploma Program if you are a high school graduate. Different types of real estate licenses encompass various real estate activities. To determine the best type of license you need, we recommend speaking to one of our consultants. They can provide the best match based on the scope of services you wish to provide.
Hard work begins once you have obtained your real estate license. Buyer behavior has substantially changed over the years. Many buyers tend to conduct their property search purely online before getting in touch with an estate agent. With hundreds of listings being posted online, getting noticed can pose a challenge for many new entrants to the market.
Dubai Real Estate Marketplace
Those who are using the latest technology have a clear edge in a crowded marketplace. For example, giving 360-degree online virtual tours of your listings saves a considerable amount of time shortlisting properties. You can also work with popular local online property portals.
Starting Own Real Estate Business
So here’s a brief overview of what it takes to launch your own real estate business.
Keep in mind that these rules are often subject to review. Therefore, a trusted business consultant can help you cut through the red tape. Please contact us for up to date advice for the launch of your real estate business in Dubai.