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How to Start A Real Estate Business in the UAE in 2024?

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How to Start A Real Estate Business in the UAE in 2024?

“How to start a business in the UAE” is rather a common query. If your interest is in knowing about the real estate business in the UAE, you are at the right place. The spectacular skyscrapers, the beautiful cityscape, and the luxurious residences of the Emirates ooze magnificence and stand as architectural marvels that have gained worldwide attention. For investors who are interested in foraying into the booming real estate market of UAE, there are several potentials to grow and expand. The real estate business in UAE has gained prominence with time for its wide range of properties including retail, commercial, and residential outlets.

Real estate business events involve a range of activities like leasing, collecting rent, and property upkeep that come under the purview of property management. It entails managing rental properties on behalf of owners. Thus, it is an accepted choice for people wishing to launch a real estate company in the United Arab Emirates. However, real estate development takes a more hands-on approach to the company, involving the purchase and construction of properties for sale or rental.

Now, let us stress certain factors like the advantages, the licensing needs, the procedure, and other crucial details that you require to get started.

The UAE Real Estate Market

In the United Arab Emirates, real estate is a thriving industry particularly recognized for its creativity and opulence. Whether it’s luxurious houses or commercial units, most construction projects are extensive. Owing to impending events and a rise in foreign investment, the market is expanding and is on a steady rise.

Real Estate Business Types

You can engage in the following business ventures for your real estate company:

1. Brokering of Real Estate

This is a widely used strategy in which companies operate as middlemen between buyers and sellers, taking a commission on sales. You must apply for a license from the UAE Land Department (DLD) to conduct business lawfully.

2. Development of Real Estate

The UAE is a centre for cutting-edge development initiatives. To produce new properties, this industry entails acquiring land, securing licenses, and overseeing construction.

3. Property Management

Property upkeep, rent collection, tenant relations, and management entails taking care of diverse aspects integral to this industry, thereby helping property owners save their time and energy.

4. Real Estate Investment

Trusts or REITs

UAE accepts global real estate investment. To guarantee a seamless process, there are some specified rules, though. These ventures primarily make investments in real estate to earn an income and pay out dividends to stakeholders.

What kind of license is needed?

Several licenses may be needed to launch a real estate firm in the United Arab Emirates, depending on the specific activities you intend to do. It can include:

Real Estate Broker License
A broker license applies to every real estate agent who intends to support clients with the purchase, sale, or renting of any property. You must work for a licensed real estate brokerage company. You cannot work for yourself to earn this license.

• Should you be a foreign national, obtain a residency visa.

• complete the requisite training program offered by the UAE Real Estate Institute (DREI)

• Complete and submit your license application through the UAE Department of Economy and Tourism

• Pass the RERA exam.

Real Estate Company License

The Department of Economic Development is authorized to process passes on behalf of the Real Estate Regulatory Agency (RERA)
You require a different license, particularly if you intend to manage properties on behalf of property owners. It is applicable for private real estate leasing and managing services.

How to start a business in the UAE real estate sector?

If you are looking how to start a business in UAE , there are several procedures involved in launching a real estate company, including:

Deciding on Your Business’s Location

Decide to do business on the UAE mainland or inside a free zone. Everyone has their own rules and advantages.

Deciding on a Business Structure

Select the legal structure for your business: LLC, partnership, or single proprietorship. Foreign investors in the UAE typically establish an LLC.

Licensing and Registration of Trade Names

Reserve the name you would want for your business with the Department of Economic Development. (Deed). The Business License in UAE needed for real estate brokerage is obtained from the DED or the relevant free zone council.

Registration and RERA Approvals

The Real Estate Regulatory Authority (RERA) plays a dominant role in overseeing diverse activities related to UAE real estate like granting authorized brokerage licenses.

Complete the program for the Certified Training for Real Estate Brokers offered by the UAE Real Estate Institute (DREI). Before you can start selling real estate, the DLD might need to give you their final clearance.

Office Setup

For your Real estate business in UAE, secure office space. Consider elements like amenities, size, accessibility, and location.

6. Bank Account

To handle your business transactions, open a corporate bank account.

7. Hiring Staff

Appoint real estate agents that are certified and licensed to operate for your company. Make sure they know a lot about the real estate industry in the area.

8. Obtaining Visas

You will serve as the company’s sponsor for the visas of your personnel. The visa (investment, employment, or both) will depend on the roles you and your employees play.

Setting Up a Real Estate Company in the United Arab Emirates- What Does It Cost?

The Business License cost in UAE varies depending on the following –

  • RERA registration fee
  • Type of Business activity 
  •  Visa charges
  • Setup expenses

The precise cost of launching a real estate company in the United Arab Emirates varies. For recent cost details, we advise obtaining a professional consultation from Business Consultant.

Advantages of Establishing a UAE Real Estate Company

The UAE real estate sector provides a plethora of business prospects.

Full Foreign Ownership

In contrast to many other countries, the UAE permits foreign investors to own their corporations for a variety of commercial endeavors. This offers you complete command of the choices and revenues of your business.

Exemption of Real Estate Taxes

Real estate ownership in the United Arab Emirates is not subjected to property taxation. This is a significant advantage for developers and investors.

Lifestyle Benefits

UAE provides year-round sunlight, a multicultural atmosphere, tax-free imports of several commodities, and a high standard of living.

A Booming Real Estate Industry

The UAE’s real estate industry is renowned for its strong growth and profitable rentals. This may present developers and investors with profitable returns.

Assistance from the Government

The government of the United Arab Emirates facilitates business creation procedures and aggressively encourages foreign investment. Initiatives and start-up help programs are also available.

Partner with Business Consultant Today!

Global entrepreneurs looking for a great scope to flourish will find several lucrative opportunities in launching a real estate company in the United Arab Emirates. You must seek expert guidance to understand the prevailing administrative rules and regulations.
At Business Consultant , our role is to assist business owners willing to start their real estate business. Our assistance for business owners is directed toward getting necessary permits and licenses, offering office space, and helping with visas. Take this opportunity to participate in the real estate boom in the UAE.
To initiate your entrepreneurial journey, get in touch with Business Consultant today for a Free Consultation.