Dubai’s real estate market is witnessing huge expansion. It outperforms some of the biggest capitals of the world. Foreign investors are coming to setup a real estate business and facing many questions which we are now going to discuss.
In order to obtain the license both you are your local partner need to have qualification certificates from RERA – Real Estate regulatory Agency. A certificate is granted to a person who has accomplished a 1-2 day course (in case you have Bachelor’s degree at least) or 1 week’s course (if your degree is below Bachelor’s). Your local partner will also have to provide Certificate of Good Conduct from Police.
A 2 days course costs 2 500 AED while 1 week’s course is 12 000 AED.
Your local partner will be getting annual payment from you which vary from person to person. Don’t expect the amount to be small for Real Estate sponsorship. Normally it will be around 30 000 AED, however there are cases of 50 000 AED or even 150 000 AED. So, if you are planning to receive good profits, be ready to share! The large amount from the point of view of local partner is also understandable – he is having a whole company under his name, and in case something happens, he will be fully responsible.
Different types of Real Estate Activities require you to obtain different types of Real Estate License based on rules and regulations set by RERA. Activities start from Buying and Selling of Real Estate and Real Estate Consultancy and end up with Real Estate Public Auction Organizing or Property Inspection Services.
There is a security deposit for companies granted Property management and leasing license. It was increased in 2012 and now reaches 10 million AED, otherwise such companies should own property worth 10 million AED, in addition to 1 million AED security deposit.
In a nutshell, the way to your own real estate company in Dubai is not so fast and easy, but it’s worth trying. These days you are getting a really good chance to have a piece of Dubai’s real estate pie. If you’re considering business setup in Dubai, understanding the licensing and sponsorship requirements is key to a successful launch.
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Elena O.
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