Starting a real estate business in Dubai is a dream for many individuals as the real estate industry of Dubai is among the highest-yielding real estates outclassing markets like London and New York. The stable economy of this city increases the chances that your business will only grow and you don’t have to worry about heavy taxes.
So what are you waiting for? Keep reading to know the complete details on starting a real estate business in Dubai. Moreover, you can contact Mayak.ae for professional guidance on the procedures for purchasing, selling, and leasing residential and commercial real estate for individuals and legal entities.
Things required for starting a real estate business in Dubai:
As said by Armstrong Williams, “Real Estate provides the highest returns, the greatest values, and the least risk” but you have to have a proper understanding of it. Read the important requirements below:
- Required Approval from Dubai Land Department.
- Office Space required on rent in Dubai.
- Local Partner in UAE.
- Good Conduct Certificate.
- Name Approval, Initial Approval, and Tasheel.
- Memorandum of Association.
- Real Estate Brokers Registration Services.
Steps by Step instructions to start a real estate business in Dubai:
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world”, said ‘Franklin D. Roosevelt’- US president. So let’s have a look at how you can set up your real estate business in Dubai:
Selecting a Business Model:
The first and most important thing you must do is choose a company model. Be aware that there are numerous limits on the license that is necessary for full ownership of your company. To carry out business in the UAE, you must locate a local service agent.
If you wish to completely own your company then try choosing a location somewhere on the mainland. You can also take professional help in choosing between a Professional Company and a Limited Liability Company.
Completing the Registration Process:
For completing the registration process in order to start a real estate business in Dubai, you must submit all the required documents asked by the Department of Economic Development in the UAE. After that, you will be given a commercial license to conduct operations. Meanwhile, think of a catchy trading name to help people recognize your real estate business.
Are you capable of launching a real estate company in Dubai? It is crucial to possess the necessary credentials, and the Dubai Real Estate Institute requires that you obtain certification (DREI). For Real Estate Brokers, this institute offers a four-day course and administers an exam; you must successfully finish the course to obtain your real estate license in Dubai.
Requesting Pertinent Certifications:
Search for the various license types that you could need for launching your business on the RERA (Real Estate Regulatory Authority) website. This company is in charge of issuing necessary licenses and you must obtain their approval before operating, sometimes, by passing professional courses.
Suitable place for Business Operations:
After getting the required certifications, it’s time to set up a cozy environment for your business operations. It is the most important step for the growth of your real estate set up so try to choose the best location for your office.
It is also important for creating a good impression on your customers. Design your office in a way that provides ease to your daily activities such as buying a landline for business-related calls and other similar stuff.
Sealing a Deal:
When you are ready to start real estate operations, keep in mind that you have just started a new business and you shouldn’t be thinking about quick commissions. Instead, try to gain the trust of your customers by understanding their needs so that you can help them with what they want and you will eventually get referrals.
How Expensive is setting up a Real Estate business in Dubai?
The estimation of the cost of your real estate business depends on many factors including the location, size of your business setup, and other similar things. As you are required to complete the RERA certification course, its cost will also vary depending on your educational background and the degree you hold previously.
A real estate brokerage license will cost you AED 12,950 approximately which could also change depending on the chosen procedure type and government fees.
To help set up a real estate business in Dubai, we have provided all the related information above. You can take professional help to keep moving in the right direction and you will be able to reap big rewards. The diversity of Dubai’s property market is the key for real estate business owners and its well-respected and transparent Legal system ensures your success.