Starting And Running A Real Estate Agency In Dubai

By Author: William King
Total Articles: 365
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Working as a real estate broker is a rewarding career in Dubai, knowing the number of sales and purchase that take place. Real estate agents are in demand because the majority of investors, buyers and sellers are not fully aware of the dynamics of the market, since most of the investors are coming from other countries. Lack of knowledge regarding real estate laws and matters make them vulnerable against various types of frauds, except when they are represented by an experienced broker. In past, some fraudsters took advantage of the absence of any specific regulations controlling real estate agents. These swindlers managed to defraud both buyers and sellers. Thankfully, RERA took quick steps towards making and implementing regulatory measures to curb these fellows who were giving bad name to the entire market.

Starting a business in Dubai:

Before we move on to the guidelines for setting up a real estate business in Dubai, let's have a brief look at the general procedures for starting any kind of business in Dubai. The first thing you need to do is to get familiarized with the region, for the reason that there ...
... are some pretty unique rules and regulations, ignoring them can be risky. For example you need to involve a UAE citizen as a partner, in fact the partner is supposed to own at least 51% of the interests, which allows them to be in charge most of the time. Certainly, a big put off for most entrepreneurs but that's how it goes. Also, you must be having at least $10,000 dollars in your bank account before you are approved by the ministry of commerce.

Starting a real estate agency:

Along with the general requirements, you must meet specific requirements set by real estate regulatory authorities. First, you need to obtain a separate license for each and every service you are going to offer. For example, license for buying and selling, license for real estate leasing, license for real estate consultancy or a license for property management. Similarly, licenses are required in case of property inspection services, real estate exhibition, real estate mortgage broker, consultancy, and the likes.

Another requirement worth mentioning is the training provided by RERA, all real estate agents must pass this course before they can practice. Remember, only UAE or GCC nationals can apply for the ownership license for the brokerage after presenting the certificate of good conduct issued by CID. However, if you are not a UAE or GCC national, you can apply for the license to work as a real estate consultant if you've got at least 5 years of experience under your belt.

William King is the director of Abu Dhabi Property & Abu Dhabi Real Estate: http://www.bayut.com/abu_dhabi_property/real_estate_properties-sale-6020-1.html , & Real Estate Directory: http://www.propertydir.com and and England Wholesale Suppliers & Distributors: http://www.wholesalepages.co.uk/ukwholesalers/county-London-18-0.html . He has 18 years of experience in the marketing and trading industries and has been helping retailers, entrepreneurs and startups with their product sourcing, promotion, marketing and supply chain requirements.