Starting a real estate company in Dubai can be a lucrative opportunity for you. With its world-class infrastructure, impressive horizons, business, and tourism opportunities, Dubai has become one of the top regions to attract foreign investment. Famous for the tallest building in the world, Burj Khalifa or the beautiful Marina101, Princess Towel, among others, the real estate market in Dubai is growing continuously at an unprecedented pace.
Dubai’s thriving real estate market is also generating some of the highest returns compared to other popular regions around the world. In addition, with e-government services that keep the entire online process running smoothly, obtaining company certifications and licenses, making payments, and obtaining visas have become easier than ever.
Understand the market
If you want to be a successful real estate entrepreneur in Dubai, you need to understand the market. Take a look at the areas you want to settle in and know all about them.
Don’t just rely on virtual information, do a physical inspection and explore your surroundings. Another great way to understand your real estate market is by speaking to neighboring homeowners, who often have a great understanding of day-to-day obligations and livelihoods.
Choose a business model
If you are a foreigner looking to start real estate business in Dubai, you need to choose your business model carefully. If you want full ownership of your business, you need a free zone license, which comes with restrictions. You must work with a local service agent to do business in the UAE.
The other alternative is to start a business in the mainland where you have 100% ownership of your business and the UAE citizens are only local service staff. The citizen acts as a sponsor and ensures that you run and exchange your business according to your wishes.
Limited Liability Company
Complete the company registration process.
If you choose a type of company, you will need to register it in Dubai. In addition to the company, you also need to come up with a company name under which you will operate. Try to find names that are reminiscent of real estate and click on them right away.
You must submit your business and trade documents to the UAE Department of Economic Development. After submitting the documents, the competent supervisory authority will issue you with a trade license to carry out activities in connection with the purchase and sale of real estate.
Get your qualifications
One of the essential criteria for starting a real estate company in Dubai is acquiring the appropriate qualification. As an entrepreneur, you must apply for the Dubai Real Estate Institute (DREI) rating. The real estate broker apprenticeship follows a four-day training program and an exam. This is the basic requirement for your real estate license.
Apply for appropriate company certifications.
Dubai has a real estate regulator that grants licenses to set up a real estate company. Your company must be approved and licensed by this organization through a professional training course.
In general, different types of real estate activities require certain types of licenses, so it is recommended that you consult the RERA website before purchasing.
At the same time, you must also keep a close eye on your competitors’ offers. As markets move quickly, staying up to date on the latest initiatives can give you an edge with your buyers.