Demands on flat and real estate in general have increased in Dubai because of all the new jobs available to foreigners. The real estate market is said to be a very a prosperous smart investment for all investors.
It is expected that the real estate market will boom in Dubai with the nearing of Expo 2020. The prices of flats which experienced a sensitive reduction during the past years, are destined to rise due to the big expected increase on accommodation demand.
If you are an investor and you have the intention to set-up a real estate agency, you have first to choose the location where you want to start this business. It is more convenient to open the company in Dubai free zones in case the properties are located outside the Emirates.
Free zones have been created in the past years to attract business makers and investors, thanks to exemption from import duties, no currency restrictions, no personal income taxes, no corporate taxation for 50 years, no personal income tax, and no bureaucratic red tape.
In the free zone, you can start a Holding Company for the sales and purchases of real estates or a Property Management Consultancy in case you want to be a real estate broker and manage the transactions between buyers and sellers.
If the properties are located in the Emirates, the company is to be set-up outside the free-zones and a UAE national sponsor will be needed. The registration can be completed online by submitting different documents required in order to receive an initial approval. After this approval, all the initial documents plus other ones shall be requested in order to receive the final approval.
The commercial trade license for buying and selling real estate will be granted only after having attended and completed the mandatory course through Real Estate Regulatory Agency (RERA).
Registration for the Real Estate Executive Diploma Program is obligatory for non-graduates, while these latter shall have to attend the Real Estate Certified Practitioner’s Training Course.
Visit the RERA (Real Estate Regulatory Authority) website in order to get to know the different types of real estate licenses that encompass different relating activities and find out the type of license needed.
The next step to take in order to start the business is to have a professional office provided with a land line telephone connection (not just a cell phone). These things, along with your real estate license through RERA and your commercial license with Dubai, will help to establish your real estate company.
Another possible and convenient solution could be, at least at the beginning, the setting up of a real estate company in a free zone and follow up the trading promotion of any properties in the Emirates, taking into consideration that the contract finalisation will be carried out through a company registered in RERA.
Therefore, a suitable partner has to be found for a necessary support against a profit margin percentage.
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