Currently, Dubai is one of the most attractive cities to invest in the real estate sector. This is due to its political stability, its growth, its quality of life, and its cultural diversity. If you want to operate as a real estate agent in this city, you need to obtain an official license. Thus, the ability and professionalism of the agent and the company can be accredited. Obtaining a real estate license Dubai is not a simple process, but you have many benefits that offset the expense and effort.
In this article, we will explain how to acquire a real estate license Dubai. In principle, you will see what the requirements, fees, and costs involved in requesting this license are. That is, we will give you all the steps you have to follow on how to get real estate license in Dubai. In addition, we tell you what the benefits of having this permit are, both on a personal and professional level. If you want to work as a real estate agent in Dubai or want to expand your knowledge on this topic, this article is for you.
Dubai Real Estate License Advantages
Dubai is one of the best places in the world to live or start a business. In addition, it is one of the best options for those who want to invest in the real estate market. For this reason, it is important that you know the benefits of a real estate broker license Dubai. This way, you will be able to learn more about how this license can help you in the real estate world.
Attractive Financial Returns
Buying and renting is a good lucrative investment. This is because rentals are one of the most popular options for buyers who want to make a stable investment with attractive prices, payment plans and more.
For this reason, investors who buy properties in Dubai for rent can expect returns on their investment. This way, you can expect a return of between 5 to 6% for ready properties. Additionally, investors may benefit from the high demand for short-term rentals.
They can even take advantage of the large volume of tourist business that the city has. They can do this by investing in villas or apartments and renting them short term. Additionally, this is a very popular option for tourists looking for a travel experience and a homey place to stay.
Engage with a Variety of Multicultural Clients
The real estate sector in Dubai is a melting pot of nationalities and cultures from all over the world. Additionally, agents recognize the importance of intercultural competence and are excellent at communicating with customers from different backgrounds. For this reason, you will be able to interact with clients from all over the world and learn more about their countries of origin.
Furthermore, you need to be fluent in several languages, particularly Arabic and English. This way, you can gain a competitive advantage in the market. However, this is not a limitation for the business. For this reason, you should show your multicultural understanding and try to learn more about other cultures.
Interacting with clients of different nationalities is common in this business. Therefore, create connections with people from all over the world. This way, you can learn more about other countries and even create personalized services according to the client’s country of origin.
A real estate broker license Dubai is important if you want to make the most of Dubai’s best spaces. In this way, we find that properties in Dubai are wonderful in terms of engineering, art, and architecture. For this reason, seeing or being in one of these buildings is a wonderful experience for everyone.
Dubai has been characterized by having exceptional architecture worldwide. Therefore, working with these works is common in the world of Dubai real estate. In this way, you should prepare to be surrounded by properties with unique and exceptional characteristics.
In addition, these properties will also have the latest in technology. Therefore, you will find properties that not only have great architecture but also the latest in technology for more comfort.
Process to acquire Real Estate License Dubai
Dubai is a city famous for its vibrant nightlife and ultra-modern skyscrapers. Furthermore, this city is an ideal investment destination for various reasons. Currently, the city’s real estate market is booming thanks to the massive influx of industries and companies. As a result, many business-savvy people are eager to become a real estate broker.
If you have excellent sales and communication skills, you have to learn how to get a real estate license in Dubai. Working as a real estate agent is an excellent career option. Especially if you are a good conversationalist and eager to learn about what people want.
Acquire a Residency Visa (for Expatriates)
The United Arab Emirates is a country with very strict laws. Before learning how to get a real estate broker license in Dubai you have to know a little about these laws. For example, work permits, immigration, and visas that are part of these regulations.
Citizens and residents of the GCC and UAE can skip this stage. However, visitors from other countries will need a valid visa to practice in this attractive country. This stage can be solved using two main or common methods. It is important to highlight that these methods have sponsorship as their main characteristic.
In principle, you can obtain a visa through your business. Your company has the option of sponsoring you as a company employee. As a result, you will have access to a permit to work and stay in Dubai.
On the other hand, for people who are fortunate enough to have a resident or citizen in the UAE as a spouse, you have to use the second method. Family or spousal visas are visas where your spouse will be your sponsor. Additionally, these visas allow foreigners to live and work in the United Arab Emirates.
Once you have access to your visa, the next step is to apply for and receive your Emirates ID. With this document, you can begin the process of becoming a fully licensed real estate broker in Dubai. That is, you can obtain a real estate license Dubai through the official process.
Enroll in DREI-Certified Training
The next step after proving your legal right to work and reside in Dubai is to ensure your competence as a competent real estate broker. The Dubai Real Estate Institute or DREI is the regulatory body. The DREI’s function is to provide potential brokers with the certification and training necessary to work in the local real estate industry.
You have to take a four-day course in order to equip aspiring runners with the necessary knowledge. Especially, that essential knowledge to negotiate in the Dubai real estate market.
Authorization and accreditation of the course will be given by the Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA). While these agencies and officials are of interest, the focus should be on DREI Certified Real Estate Training.
- This DREI course lasts 4 days and covers a wide range of topics, which are:
- Work as a real estate broker in the city.
- The historical development of the real estate market in the city.
- Industry dynamics, jargon, concepts, vocabulary, and key market players.
- Acquisitions and sales processes, as well as legal agreements.
- Legal agreements regarding property rental and leasing.
- Behavior for real estate brokers and ethical codes of conduct.
- Introduction to different homeowners associations.
- General real estate law information.
- Other basic skills necessary to act as a competent and professional broker.
The course can be taken in the two most common modalities. The first is in person and the second is online. If you want to take the course in person at the training center of the Real Estate Regulatory Agency (RERA). You can find this agency at the Dubai Land Development (DLD) office.
An important note is that you need an Emirates ID to register for the course. Foreigners are also required to present a copy of their residence permit.
Take the RERA Exam
You have to take a written exam from the Real Estate Regulatory Agency (RERA). This would be the next step to becoming a real estate broker in Dubai. You have to do this when passing the 4-day DREI training. The fee you have to pay to take the exam is currently 3,200 AED or 872 USD. This price is for people who have a college degree.
On the other hand, if you do not have a bachelor’s degree, you can still take the RERA exam. However, the cost will be higher i.e. 6300 AED or 1715 USD.
It is important to note that upon completing the above DREI certification training course for real estate brokers; you should have no problems with the RERA exam. That is, this exam should not be too difficult, which for most applicants is an easy step.
Secure Realtors’ License
There is only the last step to being a fully competent broker with a real estate license Dubai. That is, after completing and passing the RERA exam. This last step will be the shortest and easiest procedure if you do not have a criminal record.
All you have to do is submit your DREI course completion certificate. In addition to sending confirmation of completion of the RERA exam and a certificate of good conduct. By sending these documents, the Economic Department will approve them Subsequently, it will issue a real estate license Dubai within a few days.
You have to keep in mind that the Dubai real estate license has an expiration date. That is, this license must be renewed periodically. The renewal procedure must be started one month before the expiration date of your broker’s license. You have to know that you will have to repeat the RERA test. But, in this case, you have to pass it with a score of 85% or higher.
By taking the test again and passing it, the renewal process can happen online. To do this, you just have to provide the relevant documents for the Dubai real estate license.
- Residence permit or valid passport (you should know that although it is not necessary, it is a good idea to present both).
- Personal photo of the applicant.
- Dubai real estate license certification.
- Pay the renewal fee which is 510 AED or 140 USD.
It is important to note that if you do not start the renewal process one month before the expiration of the Dubai real estate license; you may not have enough time to finish the process. As a result, you may have to face penalties such as fines or having to repeat the DREI course.
Learn more about this and other topics on our insights section!