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Real Estate License in Dubai UAE
Get Real Estate License in Dubai, UAE
Dubai is one of the fastest growing cities in the world, and as such, there is a lot of demand for real estate. This includes both commercial and residential real estate. With the United Arab Emirates offering investor visas to those who invest in real estate, professional realtors are in high demand in Dubai, just like everywhere else in the UAE. With transactions amounting to billions of dollars every week, there is a lot of money to be made with a real estate brokerage in Dubai.
Just to give you an idea of the market in Dubai, real estate in London yields an average of 2.7%. For New York, the corresponding figure is 2.9%, while for Dubai, the average is more than 7%. Real estate is a major contributor to Dubai’s GDP, which is estimated to be in excess of $102.67 billion.
How to Become a Real Estate Broker in Dubai
Yours could be a single-person business entity, or it could employ a team of real estate professionals. Every person intending to act as a realtor needs to be licensed, and for this, it is essential that they have knowledge of the local market and its rules and regulations. You need to undergo the Real Estate Certified Practitioner training program conducted by the Real Estate Regulatory Agency or RERA. Spread over four days, the Certified Training for Real Estate Brokers program is a four-day course, available to those who have completed a post-secondary degree. At the end of the training session, an exam has to be passed in order to obtain registration with RERA.
You can get your Broker Card once you are associated with a real estate brokerage firm. This is important, because it is otherwise illegal to carry out brokerage activity if one is not licensed, under Article 3 of the Bylaw No. 85 of 2006 regarding the Regulation of Real Estate Brokers Register in the Emirate of Dubai. So you need to real estate business in dubai, and get listed in the Real Estate Brokers Register irrespective of whether you are an owner, a business partner, a director, or a manager. It is this Register that buyers and sellers consult to find out registered real estate brokers when buying or selling property.
Establish Your Real Estate Brokerage in Dubai
You could set up your real estate brokerage firm either on the mainland or in a free zone. The mainland is recommended, as it affords greater opportunities to meet your clients in person, or the other way around – them coming over to your office to meet you in person. Free zone companies are not permitted to operate on the mainland, although theoretically, you could engage in real estate brokerage activities online for properties on the mainland without you or your clients ever meeting each other in person. These are two different business models altogether, and we understand perfectly if you feel comfortable with one over the other.
Name of License: Real Estate
Activity Code: 702001
Activity group: Real Estate
License type: Commercial
This includes firms dealing with buying and selling of property acting as brokers between the owners and buyers. The role finishes off with the signing of the contract and upon receipt of agreed commission.
Setting up a real estate brokerage firm on the mainland requires you to have a Local Sponsor, who will own 51% of the establishment. The Local Sponsor – also called Local Partner – assumes all legal responsibility for the business conducted by your real estate brokerage firm, and also represents it before all Government agencies. He/She does not take home 51% of the profits, but is to be compensated for his/her services in the form of a Local Sponsor Fee. We can help you find the right Local Sponsor for your real estate brokerage in Dubai.
How to Set Up Your Real Estate Brokerage in Dubai
Broadly speaking, setting up a Real Estate brokerage in Dubai consists of the following steps
- Select a trade name for your real estate brokerage firm
- Set up your company after preparing the company formation documents
- Rent office space for your real estate brokerage firm
- Apply for a Business License with the Department of Economic Development
- Register your real estate brokerage firm with RERA
- Get your Broker Card
- Apply for approval from the Ministry of Labor if you plan to hire personnel
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