Dubai has become an attractive region for becoming a real estate agent due to its mesmerizing highrise towers and architecture. Investors from all over the world come to the Emirates to buy real estate, which is why the real estate market is flourishing.
A real estate agent helps with negotiations between dealers and provides valuable information about the real estate market. This profession is an attractive option with great salesmanship.
However, a real estate license in the UAE is required for this purpose. Now, we will discuss the procedure for becoming a Dubai real estate agent in detail.
Step-by-step Guide To Become a UAE Real Estate Broker
In the UAE, it is mandatory to get a residence visa to become a real estate broker and pass the training program provided by the Real Estate Regulatory Agency (RERA). Now, we will guide you on how to become a real estate agent in Dubai online.
Get a Residence Visa
If you want to become a real estate agent as a foreigner, it is mandatory to get a residence visa first. There are two options to get a work visa, either through your company or a sponsorship for a residency visa requested by your spouse if they’re employed. You will also need to get an Emirate Identity Card.
Get Certified Training and Pass the RERA Exam
For legal work as a real estate broker, you need to get certified training provided by the Dubai Real Estate Institute (DREI). This program is four days long and provides details about the laws and regulations of the real estate market in Dubai.
The cost of this course is about AED 3,000. After the training, you will have to pass the RERA certification exam, which the Dubai Land Department supervises.
Obtain Real Estate Agent License
As soon as you’ve passed your exam, you can apply to get a real estate agent license in the UAE. An additional certificate of good conduct is needed for your application, which can be obtained from the police department.
Once all of these documents are submitted and approved by the RERA, you will get your real estate broker license, which is provided by the Department of Economic Development in Dubai. The validity of this license is one year, and if you want to renew it, you will have to complete the Continuing Professional Development (CDP) program.
Renewal Procedure of Real Estate License Dubai
The real estate license in Dubai can be renewed after one year and requires the following steps.
- Retake the RERA certification exam and get at least 85% marks.
- Submit a passport-sized picture, certificate of good conduct, and exam results.
- Make sure your passport is valid for at least six months before your license renewal date.
- These documents and a fee of AED 510 will be submitted to the Dubai Land Department through an online application process.
- This approval can take 5 to 10 days.
Real estate license Dubai cost
The cost of a real estate license in Dubai is approximately AED 10,000. Still, it can be different due to other aspects such as the DREI training course, RERA examination, license application fee, and other government services fees.
Perks of Becoming a Dubai Real Estate Broker
Dubai’s real estate market is thriving, which brings lots of benefits and perks for real estate agents. Some of these benefits will be explained below.
Substantial Financial Gains
If you have skills and experience in the real estate market in Dubai, you can achieve significant financial gains. Dealing with expensive properties can earn you more money than someone with a regular job. You can also work with other brokers and set up your own real estate company which will make extra income for you.
Get a Wide Range of Customers
Dubai’s market has potential for a wide range of customers, as people from all over the world reside there. Working with other professionals can also bring you many benefits, such as the opportunity to meet new people and gain valuable experience.
Adaptable Work Hours
Another major benefit of working as a real estate broker is that you have adaptable working hours. You can meet different clients on your schedule without any delays.
Exemption from Tax
A real estate agent can earn lots of profits due to the UAE’s tax-free policy. You’ll be able to make lots of profits and keep all of your earned money.
Professional Advancement
The real estate market is full of potential for professional advancement and growth. You can meet investors, professionals, and traders from all over the world, which can help you grow your career.
Dubai’s flourishing real estate market has professional exposure, international customers and tax exemption which makes real estate one of the best career options.
Dubai Real Estate Agency
Over the past few decades, the UAE’s real estate market has evolved into a global hotspot for investors and entrepreneurs. Dubai, with its strategic location, iconic skyscrapers, booming tourism industry, favorable tax laws, and residence visa regulations, has a global appeal.
This appeal is a key factor in the Dubai real estate agency’s ability to generate outstanding income from investments, offering a promising opportunity for potential investors to earn significant returns on their investment.
How to Setup a Real Estate Company in Dubai
If you want to set up a real estate company in Dubai, you need to follow the steps discussed below.
Select a Legal Structure
Select a legal structure where you want to set up your real estate company. This legal structure will help you run your business and manage finances. There are two options of company structure available.
- A Limited Liability Company (LLC)
- A Sole proprietorship
Get a Certified Company Name
Your Dubai real estate agency must apply to the Department of Economic Development for a certified trade name.
Get Initial Approval
You will need to get initial approval by submitting your application form, visa and passport copies, and academic credentials of the company owner or shareholders.
Arrange Memorandum of Association (MOA)
A legal real estate agency will need to arrange a Memorandum of Association (MOA) according to your selected legal structure. This document requires authorization and attestation.
Get Approval from RERA
Sign up for certified training from Dubai Real Estate Institute and pass the Real Estate Regulatory Agency (RERA) exam to be able to work as a real estate broker in Dubai legally.
Set up an Office
Set up a physical office for your real estate company in Dubai. Select a location that fulfills the government’s demands and is accessible to your customers.
Open a Bank Account
Opening a Bank Account is a must for a real estate business to manage its finances and transactions.
Staff Visa
In order to get a staff visa for your foreign workers, you will need to register your real estate company with the Department of Naturalization and Residency Dubai (DNRD) and the Ministry of Labour (MOL).
These are the necessary steps of opening a real estate company in Dubai. However, You will also need additional approval from the Dubai Land Department (DLD) before your Dubai real estate agency can officially open.
Wrapping Up!
At the end of this article, we hope you have a complete grasp of how to Become a Real Estate Agent in Dubai. In order to be a successful real estate agent in the UAE, you need to work with dedication and have good communication skills, time management, and sales negotiation skills.
Comply with rules and regulations, obtain the appropriate license from authorities, and start your journey as a Dubai real estate agent today!
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