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Dubai is now becoming one of the global leaders in the real estate market and generating a higher return on investment (ROI) than other prestigious cities in the world
Accredited local sponsors/agents are essential for collaboration in a real estate brokerage business setting. — file photo
With world-class infrastructure, technological development, business investment and trade opportunities, Dubai is a hotbed of foreign investment. Breathtaking skyline, top-notch infrastructure, world-renowned monuments and properties, and a renowned shopping festival make Dubai an ideal destination for property investors.
Due to the above factors, Dubai is now emerging as one of the global leaders in the real estate market and generating a higher return on investment (ROI) than other prestigious cities in the world.
According to the August 2022 report, the average daily sales transaction volume in the real estate market was AED 1.4 billion.
The recent introduction of the Golden Visa scheme for real estate investors and buyers who invest or purchase properties worth AED 2 million has increased the popularity of Dubai properties. The 10-year residence permit has spurred real estate investment, making Dubai an ideal choice for buyers more than any other metropolis.
The real estate business in the UAE has changed dramatically and shifted its focus to long-term investment options. As residential and non-property properties gain equal traction in the current market, it tends to accelerate over the next few years when the country is continuously visa-free.
Regulations coming into effect in 2022 allow more foreign investors to buy property in the emirate. The government has made the whole process more seamless, attracting international home buyers and providing electronic services for licensing, registration, title and buying and selling properties.
In fact, it involves the procedures and documents for setting up a real estate brokerage company in Dubai.
According to the regulations of the Department of Economy and Tourism (DET), there are several steps to establishing a real estate business. With Ascent Partners, our experts will take you through the process with ease.
legal structure
According to the legislation of the UAE, you can form a real estate brokerage company wholly owned by UAE nationals, the investor has 100% power of attorney to the company, and has complete control over the operation and operation of the company.
The license to set up your real estate brokerage business varies depending on your business model.
Local sponsors in company formation
Accredited local sponsors/agents are essential for collaboration in a real estate brokerage business setting. Local agents facilitate smooth business functions with government authorities and municipalities by completing various official formalities for the company.
Finding reliable local sponsors for first-time investors with insufficient business networks in Dubai will be a challenge. With Ascent Partners’ professional and experienced business setup specialists, you can find a local sponsor for your business in Dubai.
Select firm name and jurisdiction
You may already be familiar with the country’s trade name guidelines.
Regarding jurisdiction, it is divided into three jurisdictions: mainland, free zone and offshore. You can choose a jurisdiction based on your business model, location and accessibility. Are you confused about jurisdiction? You can get help from one of Ascent Partners’ leading business setup experts.
Complete the registration process
Once you have determined the type of company you wish to form, you can formally complete the registration process.
You will also need to submit your business documents to the Department of Economic Development. The governing body will grant you a commercial license to operate and buy and sell real estate.
Apply for a DET license
You must submit MOA, RERA approval, lease contract, etc. to obtain a real estate license from the authorities. You can apply directly to the Department of Economy and Tourism (DET) or one of the Free Zones.
The Dubai Real Estate Authority or the Real Estate Brokers Registration Service issues a license to establish a real estate business.
register
To register your real estate company with Rera, you must submit the following documents:
· Leila Application Form
· Copy of DED business license
· Payment receipt
· RERA course certificate
· Lease Control/Ejari Copy
· Location Map
Broker card
To become a real estate agent, you must be registered with a state-level regulatory agency. You must obtain real estate broker certification training issued by the Real Estate Regulatory Agency (Rera). You can earn certification by taking a four-day training course and passing a follow-up exam.
The real estate agent employed by the company must be the holder of a broker card issued by Rera.
Office Space
According to the Department of Economic Development, you must rent office space in a commercial center to obtain a real estate brokerage license.
Even if you build your own real estate business, you can outsource some operations, such as accounting services, to reduce costs and run your business efficiently. The cost of obtaining a real estate brokerage license depends on factors such as your business activities, company size and location. In addition to that, you should also pay for certification.
in conclusion
The real estate market generates about 5.5% of gross domestic product (GDP) annually, making it one of the most lucrative business setup options in the UAE. This is an excellent investment for those interested in making a profit in the industry.
Pratik Rawal is the Managing Partner of Ascent Partners, a firm that provides bespoke business setup and advisory services to entrepreneurs looking to build their next venture in Dubai. The views expressed are his own and do not reflect the policy of the newspaper.
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