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How To Start A Real Estate Business In Dubai?

The real estate market in Dubai is flourishing at a faster rate every year. The growing tourism, world-class infrastructure, stable economy, and tax-friendly environment are factors that attract significant foreign investments in this Emirate. According to the latest report by a real estate data platform, the Dubai property market recorded its strongest start with 12,119 sales transactions to date. Therefore, If you are planning to embark on an entrepreneurial journey in the real estate industry, chances are there for you to win big.

 

If you wish to start a real estate brokerage firm, there is a happy news for you, right now the UAE government is allowing 100% ownership for real estate firms in Dubai. Previously a foreign investor was never given any ownership rights. In this article, we will give you a know-how about the steps for starting a real estate business in Dubai.

1. Select a trade name for your business

It is recommended to include “real estate” or “broker” in your trade name as the trade name should be related to your business activities.

2. Complete the company registration process

Submit all necessary documents to the Department of Economic Development. Most of the registration work can be performed online for receiving initial approval. However, you need to re-submit initial documents along and add a few more to receive the final approval. After this evaluation, you will be granted a commercial license to conduct operations related to the buying and selling of real estate.

3. Acquire necessary qualifications

Obtain the necessary qualification for becoming a real estate entrepreneur. You need to undertake a professional training or course and obtain a certificate from the Real Estate Regulatory Authority (RERA) in Dubai. It is necessary to obtain the approval from RERA.

Apart from RERA approvals, you may also require certain additional approvals listed below:

 

  • It is recommended to register with the Department of Naturalisation and Residency Dubai (DNRD) and Ministry of Labour (MOL) to employ foreign employees and sponsor their visas.
  • Approval from the Dubai Land Department is also required for opening a real estate brokerage in Dubai. It is a regulatory authority concerning everything related to real estate in the area.
  • Certificate of Good Conduct from Dubai Police General Headquarters.

4. Set up an office space

After obtaining the necessary certifications and approvals, you can set up a physical office and that gives your business credibility and helps buyers to reach out to you easily. Location of your office also matters in creating a good impression among customers.

Documents Required For Registering A Real Estate License In Dubai

  • A duly filled application form
  • Two Passport size photographs
  • Passport copy of the owner and partners or shareholders (if any)
  • Notarised MoA and LSA
  • NOC for ex-pat partners
  • Valid residence or tourist visa
  • Tenancy contract (Ejari)

If you need any assistance for setting up a real estate business in Dubai, contact us for a free consultation at (+971) 585139299 or info@polestaradv.com. We have an expert team who provide comprehensive guidance for real estate business setup, right from the initial to the final stage.