Dubai’s real estate market is one of the most regulated ones in the world. Speaking of regulations, real estate professionals require a licence to conduct business in the property market. Dubai Land Department’s (DLD) online system eases the registration process for the real estate professional to obtain a licence in Dubai.
The real estate licence in Dubai ensures the authenticity of property brokers, managers or consultants. Let’s find out the complete steps to obtain a real estate licence and continue a professional career in Dubai’s property market.
Applying for a Licence to Practice Real Estate Activities in Dubai
Dubai’s real estate market is a flourishing one. It provides lucrative opportunities to buyers, sellers and investors. That said, real estate agencies, consultancies and brokerage firms can benefit from the property market in Dubai.
That said, setting up a real estate business requires a licence from DLD. The following types of property consultancies and agencies must apply for a real estate licence in Dubai to practise their profession:
- Mortgage Consultancy
- Real Estate Consultancy
- Real Estate Development
- Buying & selling Brokerage
- Leasing Brokerage
- Registration Trustee
- Services Trustee
- Promotion Trustee
- Public Auction Organising
- Exhibition Organising
- Jointly Owned Property Management Services
- Real Estate Management Supervision Services
- Real Estate Valuation Profession licensing
- Property Inspection services
- Real Estate Survey Services
- Self-owned Property Leasing and Management Services
- Leasing and Management of Other People’s Property
- Real Estate Service Centre
- Mortgage broker
- Real Estate Representative Office
Here are all the requirements to obtain a real estate licence in Dubai and practise the activity in the property market.
Service Terms and Requirements
Since real estate licences are for various companies involved in the property market, each has to fulfil some terms to obtain a real estate licence in Dubai. Here are the service terms for the following real estate companies, and obtaining a licence will help the real estate agents increase their credibility.
- Those looking to obtain real estate development licences, organising property exhibitions, buy and sell lands and properties, real estate representation offices, and lease and manage private real estate services, here are the following terms that they must meet:
- Submit a licence application through Dubai’s Department of Economy and Tourism
- Register in the Trakheesi system
- Apply for a professional real estate activity practice card after the application for a real estate licence is submitted and approved.
- To obtain a free-zone licence:
- The real estate company must have a no-objection letter from the licensing authorities
- Real estate developers in Dubai must meet the following conditions to obtain a licence:
- Provide title deed of the land
- The title deed must be in the name of the licence holder or one of the partners.
- The title deed’s data verification is carried out through the electronic system.
- If a real estate company wants to advertise the project, hold an exhibition or post a property ad, they require the following
- A real estate advertising permit in Dubai obtained from the Trakheesi system
- Real estate registration trustees, service trustees, promotion trustees, and real estate service centres must have the following document:
- A signed agreement between DLD and the licence holder
- For jointly owned property management companies and administrative supervisors, they will require the following:
- Property management companies in Dubai must have a licence
- Its employees involved in real estate activity have registered with the Real Estate Regulatory Agency (RERA)
- Employees must have activity practice permits before practising their real estate dealings in Dubai
- For renting and managing private real estate services companies, they will need the following:
- A copy of the property title deed
- the ownership must be in the name of the licence holder or one of the partners
- Second-degree associates can manage an owner’s real estate according to DLD’s laws.
- Companies that provide leasing and property management services for third parties must meet the following terms:
- A Bank guarantee of AED 5 million
- When opening a branch for the licence, the branch’s trade name must be identical to the parent company’s licence
- The number of employees should not be less than 20 administrative employees
The above steps will help set up the real estate business. Besides, obtaining a licence and practice card is a base step to becoming a real estate agent in Dubai.
Required Documents
Real estate companies don’t require any documents attached to the licence application. They need to register and complete the details on the Trakheesi system. However, companies applying for a freehold area development licence must attach a no-objection certificate from the DLD.
Fees
Different real estate companies must pay the following fees to obtain a licence and start practising activities in the property market. Here are the fees required to obtain a real estate licence in Dubai for different real estate activities.
- AED 5,000 per annum for each of the following activities separately:
- Mortgage consultancy
- Real estate consultancy
- Buying & selling brokerage
- Real estate leasing brokerage
- Real estate public auction organising
- Management supervision services
- Real estate survey services
- Self-owned property leasing and management services
- Buying and selling owned properties
- Real estate services trustee
- Real estate representative office
- Mortgage broker
- Real estate promotion trustee
- Property inspection services
- Real estate service centre
- AED 10,000 annually must be paid for the following activities separately:
- Real estate exhibition organising
- Owner association management services
- Real estate valuation profession licensing
- Companies providing leasing and management services of third-party properties must pay AED 15,000 per year.
- Real estate development companies have to pay AED 25,000 per annum.
- Real estate registration trustees must pay AED 100,000 each year.
Alongside these fees, the companies must pay AED 10 for innovation and AED 10 for knowledge fees.
Payment Method
The applicants can use the following payment gateways to submit the required fees:
- Debit or credit card
- Noqodi
- e-Dirham
That wraps up the complete process to obtain a real estate licence in Dubai. The real estate companies that manage, sell or buy properties in Dubai must have a licence. Plus, hiring a real estate agent has multiple benefits since they save your time with their expertise and have a broader network to narrow your property search.
However, it is essential to follow tips when choosing a real estate agent to ensure efficient and effective property deals.
Stay tuned to dubizzle’s leading real estate blog to learn more about permits and licences to practise a professional career in the property market.
