Are you interested in opening a Real Estate Brokerage in Dubai? Well, a real estate brokerage is what you need!
Dubai is a vibrant city whose real estate sector is rapidly growing. Indeed, the property market has seen a great surge in 2022 alone. This is due to the increase in foreign investors purchasing property in the country.
Home to real estate developers such as Emaar Properties, Nakheel, Damac, and more, Dubai has made quite a name for itself in terms of real estate. With breathtaking locations that include Downtown Dubai, Jumeirah Beach Residence, and Marina, among others – the scope of investing within this realm will bring only the best of opportunities your way.
As reported by Reuters, the property market in Dubai experienced massive growth during the first quarter of 2022. Additionally, real estate transactions went up by 60%, while the value of property went up by 85%.
Similarly, Q2 of 2022 did not disappoint either!
The Dubai property market saw sales to the tune of Dh47.3 billion in the second quarter of 2022, a 9.8 per cent growth compared to Dh43.06 billion in the year-ago period, data showed.
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— capella properties (@capella_dubai) August 19, 2022
With a real estate brokerage in Dubai, it is affirmative that you will not be witnessing a shortage in work anytime soon!
How Will You Benefit from a Real Estate Brokerage in Dubai?
Real estate brokers do quite well, especially so in Dubai. With options that cater to the varying needs of investors – real estate brokers in Dubai have their hands full! Some of the perks available to property dealers with a real estate brokerage license are:
Massive Returns on Sales
Commissions are the norm within the sales industry. The real estate sector in Dubai is one that gives back immensely. Let us put it this way: the higher the cost of the property you sell, the larger your share in commissions.
Dubai is home to a number of properties that cater to the varying requirements of investors. Residential, commercial, hotels, luxury properties, hotels, and industrial units. By having a real estate brokerage in Dubai, you can have the opportunity to do business with a vast range of properties.
With a business in Dubai, you will have exclusive access to an economy that does not charge any income tax or corporate tax. Notably, this feature attracts several businesspeople to establish their companies in Dubai.
Steps to Starting Your Real Estate Brokerage
Starting any business is an exciting opportunity. However, if you wish to become a real estate agent in Dubai, it is required for you to formally register your brokerage in the city in order to operate legally. The process of opening your real estate company is much like others, with the addition of some extra licenses.
Firstly, as is required with every business, a business in real estate also requires you to do your due research before working towards obtaining your license. Study the real estate market, study the distinct types of properties present at the disposal, as well as what the current trends are in Dubai’s real estate market.
Select a Trading Name
When selecting a name for your business, you must ensure it does not go against any regulations set by the UAE Government. It must not make use of words that are offensive to any person, religion, or culture. Along with this, you are also restricted from using derogatory language and abbreviations.
Pick a Jurisdiction
Dubai is home to two jurisdictions where local companies operate. The Mainland and Free Zone jurisdictions are home to thousands of businesses that are registered within Dubai. Both offer entrepreneurs specialized benefits that may be different from each other, but all in all, are quite advantageous to those investing within.
For your business setup in Dubai, you will be required to pick between the Mainland and Free Zone. It would be wise for you to do your research, look into the pros and cons and settle for one.
Finalize a Legal Structure
These are different types of company types that will define the operations within your business. The most common legal entity in Dubai is a Limited Liability Company (LLC). However, you should first take a look at what is most appropriate for your business and what will fit your needs best.
Apply for Your License
Once you have the above sorted, you may then move on to obtaining your license. For this, you need to submit various documents. This includes:
- A filled application form
- Memorandum of Association
- Confirmation of a rented office
- Dubai Land Department Approval
- RERA License (Real Estate Regulatory Authority)
Once done, you may proceed to start your real estate brokerage’s operations in full swing. Undoubtedly, such processes become ten folds easier with the assistance of reliable business setup consultants who are masters at their craft. Business Link is one such consultancy that can support and guide you through your business setup!
Get in touch with our experts to see how we can help!