The real estate market in Dubai is booming with opportunities as the city is showcasing commendable growth in multiple arenas. Real estate businesses have immense potential, but to start a real estate business in Dubai, you will have to follow certain guidelines and especially obtain a RERA license. The RERA has got administrative independence and thereby provides the organization with full legal and financial authority to monitor the workings of the real estate sector in Dubai.
Here in this blog, we are going to discuss the real estate field and how to obtain the necessary rules and regulations.
What Is RERA In Dubai?
The Real Estate Regulatory Agency, or RERA, is an arm of the Dubai Land Department. The authority has been constituted to help supervise the real estate industry by H.H. Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the UAE.
The organization or authority helps in creating a platform for tenants, developers, buyers, and real estate industry investors. RERA also blends well with the insurance firms, law firms, and banks to create an ecosystem that works well with the real estate industry.
The RERA in Dubai has been entrusted with the following primary responsibilities:
- Providing licenses for the real estate agencies in Dubai.
- Registering and regulating agreements of lease.
- Regulating the trust accounts of the real estate builders
- Publishing stats and reports for the sector.
- Analyzing the advertisements for the real estate sector.
- Informing the public about the different rules and regulations related with the industry or sector.
The Advantages of a RERA Certificate for a Dubai Real Estate Agency
Legitimacy: The agency that receives the license from RERA gets better credibility amongst the public. The real estate firm can set up shop in Dubai only with this license. The authenticity and genuineness of the business are easily conveyed to the public, and they can trust the business and the services provided by it, as the RERA authority grants only after careful understanding of the firm or business that applies for the license.
Compliances: The RERA helps safeguard the trust of the market participants in the services rendered by the sellers and the landlords. The trust of all parties, including buyers, tenants, sellers, landlords, and developers, is equally maintained by the RERA. The firm, once it has acquired the RERA certificate, maintains the image and reputation of a business that abides by the rules and regulations of the country.
Access to Services: All the related services and transactions concerning the real estate industry, ranging from title transfer, property registration, licensing, and such, are available to businesses only if they have a valid RERA license and registration. A real estate business can only have authenticated services with the possession of this license.
Better visibility: As the real estate business obtains a license from RERA, it will be listed on the official website of RERA. So, when the prospective customers are looking for a real estate business provider, the business listed on the website will get more preference. It will help the business to grow and develop.
How Can I Obtain a RERA License in Dubai?
Let us now look into the different steps that one needs to follow in order to get the RERA license.
- Apply for residency visa
To apply for the RERA license, the first step is to make sure that the applicant possesses a residency visa or permit. The Dubai resident visa can be obtained by either starting a business or a person who is working in Dubai. Once after you obtain the resident visa, you can then move on to the next steps of obtaining a RERA license.
- Application Process
Now, the applicant should submit the RERA license application to the Dubai Land Department. The application will require you to fill in details regarding your personal and professional details, as well as any relevant qualifications or experience. Additionally, the applicant is required to give three passport size photographs, a copy of the passport, and a copy of the residence permit along with the application.
- Register for the RERA exam and DREI certification training
Yes, you read that right. In order to obtain the RERA license, the applicant must pass a test and attend the necessary training as prescribed by the authorities. The training and the test are conducted by the Dubai Real Estate Institute to qualify for the license. The curriculum of the training session includes topics such as real estate topics, rules and regulations, valuation methods, and market analysis. Once the course is completed, the applicant is required to take the RERA exam.
- Obtain your RERA license
Once the training and test are done, you are now ready to apply for the RERA license. The license can be obtained only if the applicant submits the test scores and other required documents to the authority. Once the land department has carefully scrutinized the application and documents, the applicant is granted the RERA license.
RERA License Cost in Dubai
The license cost does not just include the license fee but also the RERA examination fee as well. The educational background of the applicant has a fairly good say on the test fee. If the applicant possesses a recognized bachelor’s degree, then the test fee is AED 3200, and if not, then the fee is AED 6300. The RERA license fee depends on the kind of real estate activity that you are obtaining the license for, and for each separate activity, RERA charges AED 5020. The average cost of obtaining a RERA license is around AED 21,000.
The real estate industry in Dubai has been growing exponentially, and if you are looking forward to starting a business in Dubai, then real estate is your best shot. The entire processing and setting up of a business can be easily done with the support of a good business setup consultant in Dubai, and that’s where Kiltons comes into the picture.
Kiltons have been serving entrepreneurs who come to Dubai dreaming of growth and development. The equipped team of professionals we possess caters to every need of our clients and helps them with a hassle-free process of business setup. Choosing us will provide you with the right direction for business setup in Dubai.
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