Dubai is a hub for international corporate investments thanks to its world-class infrastructure, technical advancements, corporate developments, and trading opportunities. Dubai is a fantastic location for real estate investors due to its breathtaking skyscrapers, excellent infrastructure, world-class monuments and buildings, and renowned shopping festivities.
The United Arab Emirates (UAE) property market has recently undergone a dramatic change, with an emphasis now on long-term investment options. With residential and non-property investments gaining equal traction in the current market, growth is expected to accelerate over the next few years as the country continues to implement visa waivers.
As a result of these and other factors, Dubai is quickly becoming one of the world’s real estate leaders. It offers investors a higher return on their investment than other popular regions worldwide. Obtaining certifications and business licenses, making payments, and acquiring visas are now more accessible than ever, thanks to the e-Government services that have streamlined the entire procedure online.
Dubai properties are more in demand than ever due to the government’s recent implementation of the golden visa scheme, which grants residency to foreign nationals who invest or buy a home in Dubai for a minimum of AED 2 million. With its attractive 10-year residency permit, Dubai beats out every other major city as the top destination for foreign investors.
Begin Your Real Estate Brokerage Business with Complete Ownership
As a result of recent changes to the law in the United Arab Emirates, foreigners and expats now have the legal right to set up a brokerage firm and own it completely. With the implementation of these rules in 2021, real estate brokerage was no longer considered to be within the ‘restricted category,’ opening the door for more international brokerage firms to establish wholly owned real estate businesses in Dubai.
Additionally, government efforts have resulted in a smoother procedure overall. To launch a business in the country, entrepreneurs must first register their company with the Department of Economy and Tourism (DET) and then register with the Real Estate Regulatory Agency (RERA) using the Trakheesi platform.
The Dubai Land Department (DLD) developed Trakheesi to standardize the issuance of licenses, electronic ID cards, and other services related to the real estate market. To consolidate data collection, it is linked to DET. Recently, the government introduced a new regulation that requires brokerages to register and obtain individual Trakheesi numbers.
The Procedure to Start a Real Estate Brokerage Business in Dubai
When you have the right information and follow the proper steps, starting a real estate brokerage in Dubai is very straightforward. To understand how to establish your own real estate brokerage firm in Dubai, follow the steps mentioned below.
1. Gain an Understanding of the Market
Real estate in Dubai is a competitive industry; therefore, familiarity with the local market is essential to your success. Know as much as possible about the locations where you’re interested in establishing your company.
Check things out for yourself instead of relying solely on digital data. Talking to the owners of properties nearby is another wonderful way to understand the local real estate market, as they typically have a wealth of knowledge to provide regarding the activities in the area.
2. Register Your Trade Name
Following this, you must register your company’s name with the Department of Economic Development (DED). Before committing to a business name, you should research to be sure another company isn’t using it. You can additionally guard your brand by registering it as either a trademark or a service mark, granting you the right to make exclusive use of the term within your sector.
3. Determine the Jurisdiction
In Dubai, real estate enterprises can establish a presence in three economic jurisdictions: mainland, free zone, or offshore. Each of these has its distinct business regulations, advantages, and disadvantages. To establish a business effectively, you should consider several factors, including your business type, proximity to your market, and the location of your office.
4. Completing the Registration Procedure
After settling on the best business structure for your needs, you can officially incorporate your firm. In addition, the Department of Economic Development will require you to submit your business documentation. The governing authority will offer you a commercial license to conduct business and buy and sell the property.
5. Broker’s Card
To become a real estate agent, you must obtain RERA-issued Certified Training for Real Estate Brokers. You will earn the certification if you participate in a training session that lasts four days and then pass the following exam. The company’s real estate agent must own a RERA-issued broker’s license.
6. Apply for DET License
To get a final real estate license from the government, you must submit the RERA approval, tenancy contract, copies of your passport, and trade name certificate. The Department of Economy and Tourism (DET) will provide a payment voucher once you have submitted all the needed documentation. Upon receipt of payment, DET will issue the license.
7. RERA Registration
With the following documents, you can now register your real estate firm with RERA:
· RERA application form
· Copy of DET business license
· Payment receipt
· RERA course certificate
· Copy of the office’s Tenancy Control/Ejari
8. Process your visa
If you (or your employees) are not residents of Dubai, you may be required to obtain visas for your employees and family members at the same time you apply for your visa. The steps are as follows:
· Acquiring an entrance permit
· Changing your status
· Undergoing a medical examination
· Obtaining an Emirates ID
9. Get a Leased Office Space
To obtain a real estate brokerage license, you must have leased office space in a business center under Department of Economic Development regulations. When starting a real estate company, hiring outside help for certain tasks, such as accounting, can be beneficial to save money and get things rolling smoothly. Factors such as the nature of your business, your organization’s size, and your office’s location all affect the cost of obtaining a real estate broker’s license. In addition to it, you are required to make a payment for the certification.
Cost of Opening a Real Estate Brokerage Business Setup in Dubai
Location and business activities, office starting costs, and whether you base yourself in a Dubai-free zone, operate via a mainland firm or use an offshore company are all elements that contribute to the overall cost of acquiring a real estate brokerage license in Dubai. Depending on the company’s size, it can cost anywhere from AED 15,000 to AED 25,000 to launch a real estate business in Dubai (in addition to your RERA license).
Setup Your Real Estate Brokerage Company with ExpressPRO
Still, confused about how to establish a real estate firm in Dubai or elsewhere in the United Arab Emirates? Do you want to learn more about the real estate broker certification program offered by RERA? Or maybe you’re looking for information about getting a RERA license in Dubai?
Do you need clarification on any procedures for launching a real estate brokerage in Dubai? Get in touch with our expert business consultants at any time if you need assistance launching a real estate company in the UAE or any other type of business.
At ExpressPRO, we have assisted many real estate professionals, including investors, property developers, and real estate agents and brokers, who have needed help setting up their businesses in Dubai. Our specialists comprehensively understand all regulations (including how to obtain a RERA license). They can assist you with all processes required to create a Dubai real estate brokerage company.