How to Start a Real Estate Business in Dubai?

Setting up a real estate business in Dubai can be a lucrative opportunity for you. With its world-class infrastructure, breathtaking skylines, trading opportunities, and tourism, Dubai has emerged as one of the world’s top regions to attract foreign investments. Renowned for the world’s highest building Burj Khalifa or the beautiful Marina101, Princess Towel, among others, Dubai’s property market is continuously growing at an unprecedented rate.

Dubai’s thriving real estate market also generates one of the highest returns compared to other popular regions around the world. Moreover, with e-government services making the entire process seamless online, obtaining certifications and trade licenses, making payments, and getting visas have become more accessible than before. 

How to Start a Real Estate Business in Dubai?

Starting a real estate business in Dubai and across the UAE is simple but also cost-effective, and profitable. Let’s start with the Step By Step Process To Start A Dubai Real Estate Business.

1. Understand the market

If you want to be a successful real estate entrepreneur in Dubai, you need to understand the market. Look at the areas you want to set up your business and know everything there is to know about them.

Don’t just rely on virtual information, instead conduct a physical inspection and explore the surroundings. Another great way to understand your real estate market is to talk to the neighboring property owners, who usually have great insights about day-to-day engagements and livelihood. 

2. Choose a business model

If you’re a foreign national trying to set up a real estate business in Dubai, you’ll need to choose your business model wisely. If you want complete ownership of your business, you’ll need a license in the free zone, which comes with restrictions. You’ll need to partner with a local service agent to conduct trading operations in the UAE.

The other alternative is to set up a business in the mainland, where you’ll have a 100%  percent stake of your company & UAE citizen will be local Service agents only. The citizen acts as a sponsor and ensures you run your business and trade as per your wishes. No matter what type of ownership your choose, your business model can be:

At Shuraa, we help you find a suitable business model for your business in a hassle-free way. You can reach out to us for a free consultation.

3. Complete the company registration process

Upon deciding on a type of business, you’d need to register it in Dubai. Along with the business, you’ll also have to think of a trading name under which you’ll conduct operations. Try to come up with names that remind people of real estate and immediately click with them.

You will be required to submit your business and trading documents to the Department of Economic Development in the UAE. Once you submit the documents, the concerned governing body will grant you the commercial license to conduct operations related to the buying and selling of real estate.

4. Get Your qualifications

One of the essential criteria of a real estate business setup in Dubai is to obtain the relevant qualifications. As an entrepreneur, you must appear for the qualification issued by the Dubai Real Estate Institute (DREI). The certification, Certified Training for Real Estate Brokers, follows a four-day training schedule and an exam. This forms the fundamental requirement for your real estate license in Dubai. 

5. Apply for relevant company certifications

Dubai has a Real Estate Regulatory Authority that issues the licenses for establishing a real estate business. You’ll need to get your business approved and authorized by this organization by undertaking a professional training course.

Usually, different types of real estate activities require specific kinds of licenses, which is why it is advised to check RERA’s website before you get started. 

6. Establish a professional office

Once you obtain the necessary certifications, you’ll need to set up your office space. A physical office gives your business credibility and helps buyers reach out to you anytime they want. Lookup for a good location for your office as it can help create an impression with your customer.

You can choose to rent or purchase spaces allocated for offices in Dubai mainland. Make sure you have a landline at your office, where you receive your business calls. You can also choose a desk space / Office space from a range of Shuraa UAE Business Centers

7. Outsource specific services

When you’re just Setting up a real estate business in Dubai, it is advised that you outsource some of your operations. For example, your company will require accounting services, and hiring a full-time employee can cost you a lot.

If you outsource these services to a reputed agency, you can work on a pay-as-you-go model and use your money judiciously. 

You can outsource VAT and accounting services to Shuraa Tax & Accounting Services.

8. Step into the client’s shoes

When it comes to the real estate business, quick commissions might seem lucrative. As someone who is starting afresh, you might want to seal a deal just because it helps you make some instant money. However, this idea might get you on the wrong side of the market in the long run.

Remember that the purpose of the real estate business is to help your buyers find the right property, which makes it essential to understand their needs. Unless you’re offering what’s suitable for the customer, you’ll not be able to establish your brand in the time to come. Good deals not just help in building an excellent customer experience but also help you get referrals eventually. 

9. Keep up with the latest trends

Dubai’s real estate business is ever-growing, which also makes it quite competitive. If you want to sustain your business in the long run, it’s best to stay ahead of the curve. Try to stay aware of the latest property laws and changes in the market structure.

At the same time, you’ll also need to keep a close eye on your competitor’s offerings. Since the markets are rapidly evolving, staying on top of recent initiatives will help you gain an edge with your buyers.

Real Estate Brokerage Business in Dubai with 100% Ownership

If you want to launch a real estate brokerage business in Dubai, you should be aware that the government of Dubai now permits 100% foreign ownership, as opposed to the previous standard of 51% with local Emiratis – 49% with the expat. Many investors are unaware of these modifications and perhaps have doubts about the most current law.

Some claim that it is hard to own a real estate company in Dubai with full ownership. Due to the UAE residents owning 100% of the real estate brokerage firms in Dubai, many investors were reluctant to open one. Don’t wait; this is the perfect opportunity to launch your own real estate agency in Dubai.

Benefits of Starting a Real Estate Business in Dubai

Because of the Strategic location of Dubai, the Real Estate Market is Booming there which has created a world-class infrastructure. This provides a suitable environment for Real Estate Business in Dubai.

1. Stable economy

The United Arab Emirates (UAE) has earned remarkable praise for its stable economy. This is the result of its determined quest for economic diversification, discreet financial management, and strategic investments.

2. Stable economy

The United Arab Emirates (UAE) has earned remarkable praise for its stable economy. This is the result of its determined quest for economic diversification, discreet financial management, and strategic investments.

3. Quality of life

Based on recent reports, the quality of life of UAE people has tremendously improved. This growth is particularly seen in dynamics like purchasing power, safety, and healthcare.

4. Tax deduction

The tax deduction rate in the UAE is low compared to other countries. For instance, the standard VAT rate is 5% which is the lowest in the world, whereas the corporate tax rate is 9%.

5. Amazing infrastructure

The United Arab Emirates is a land of luxury and modernity which can be seen in its amazing infrastructure and commercial facilities provided to businesses and industries.

6. Booming real estate market

The booming real estate market is one of the most popular places in the world to invest your money. In the last few years, it has recorded considerable growth after the aftershocks of the pandemic.

7. Growing population

The growing population of Dubai is expected to drive more infrastructure and facilities as well as the demand for new schools, public transport, healthcare services, and residential units.

8. Innovation City

The city of Dubai in the United Arab Emirates is known as the Innovation City for the effort it puts into building an ecosystem that focuses on innovation and future-proofed business models.

What is the cost of opening a real estate brokerage in Dubai

To open a real estate brokerage in Dubai, you need to have a real estate brokerage license. For an LLC, the minimum cost for a real estate brokerage license starts at AED 18,500 to AED 50,000. 

And to acquire the license, you have to clear the registration exam by the Real Estate Regulatory Agency (RERA). The exam fee which is included in the cost of opening a real estate brokerage in Dubai is different based on your educational qualification!

The total cost of opening a real estate brokerage in Dubai varies based on your location and business activities.

Connect with Shuraa

Thanks to the fantastic market opportunities and ever-growing investments in the city, starting a real estate business in Dubai can prove to be fruitful. All you need is the right support to get started with your business plan. At Shuraa , we help you establish your real estate brand in the Dubai marketplace.

Our team of expert consultants helps you every step of the way with documentation, banking, licensing, etc., so that you can focus on building the backbone of your business.

In the past few years, we’ve helped several budding entrepreneurs carve a niche for themselves in the UAE’s real estate sector and assist them with their business setup in Dubai. Connect with our business professionals today!

You can get in touch with our expert team for a free consultation and learn more about the real estate business in Dubai