Now is a great time to start if you want to get into the exciting and growing real estate market. Meydan Free Zone can help you get a business license. But it’s really important to get approval from the real estate regulatory agency (RERA) when you want a Real Estate license. Let’s look more closely at what RERA is, how to get a RERA license in Dubai, and the steps you need to take.
This guide will explain everything you need to know about getting a real estate license in Dubai.
Let’s discuss it in detail!
What is RERA in Dubai?
RERA stands for Real Estate Regulatory Agency in Dubai, which is part of the land department. This group works to make sure Dubai’s real estate market runs smoothly. They also make sure everyone in real estate follows the rules. Started in 2007 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, RERA helps keep the real estate market fair and effective. RERA makes sure the real estate sector is well-regulated, creating a fair environment where all businesses, customers, and buyers know the rules.
It also helps sort out any disagreements or confusions about real estate rules in Dubai.
Types of Businesses RERA Overseas:
- Real Estate Consultancies
- Real Estate Brokerages, Leasing Companies, and Mortgage Consultancies
- Real Estate Management Companies
- Companies providing real estate services in Dubai
- Buying and selling real estate
- Real Estate Promotion and Advertising
- Dubai Real Estate Inspection Services
- Owner Associations
- Other related parties
Responsibilities under RERA in Dubai:
RERA has many jobs to do in Dubai’s real estate. These include:
- Giving licenses to all real estate businesses and agents.
- Controlling rental agreements, advertising, and real estate shows.
- Making reports about the real estate market.
- Helping to grow the real estate sector.
- Sharing news about real estate rules with businesses and people.
Benefits of Being a Real Estate Agent in Dubai:
- Good Money: Dubai’s real estate is very valuable, so agents can earn high commissions.
- Meet Different People: You’ll meet clients from various cultures, which is great for building professional relationships.
- Amazing Buildings: Dubai’s properties are incredible in design and architecture.
How to Get a RERA License in Dubai:
Below, we’ve described the steps in a detailed and simple manner.
Apply for a Residency Visa:
If you’re not from the UAE, you need a residency visa and an Emirates ID to work in Dubai. UAE residents and GCC citizens don’t need this step, but others must have a valid visa.
Choose a business name that follows UAE rules and describes what your company does. Submit your documents online, get signatures from shareholders, and get your payment voucher.
RERA Training and Exam:
For newcomers to Dubai real estate, join the Certified Training for Real Estate Brokers at Dubai Real Estate Institute (DREI). This 4-day course teaches about Dubai’s real estate market, laws, and practices. After the course, take the RERA registration exam. The fee depends on your education level.
Get Your Realtor License:
After training and passing the exam, apply for a real estate agent license. Submit a Certificate of Good Conduct to the Economic Department. Once approved, you’ll get your license and broker card. This license needs to be renewed every year.
Documents Needed for a RERA License:
It’s really not rocket science. Instead, the process is very simple and concise.
- Residency visa, passport copy, or Emirates ID card
- Passport-sized photos
- Proof of RERA training and exam completion
- A Realtor license copy
- A good conduct certificate from Dubai police
- NOC from your free zone authority, if applicable
- Memorandum of understanding signed by all shareholders, if needed
- Trade name reservation copy
RERA Certificate Costs in Dubai:
The cost of a RERA certificate varies by activity. Most activities require an AED 5,000 fee each year, but some cost more.
Activities with an AED 5,000 charge include real estate mortgage consultancy, real estate consultancy, real estate buying and selling brokerage, and others.
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Activities with an AED 10,000 charge include real estate exhibition organizing and owner association management services.
There are also AED 15,000, AED 25,000, and AED 100,000 charges for other specific real estate services. Each license type also includes an AED 10 knowledge fee and an AED 10 innovation fee.
By understanding and following these steps and requirements, you can start your real estate business in Dubai with confidence, knowing you’re complying with RERA’s regulations.
Getting your Real Estate license in Dubai is a straightforward process with RERA’s guidance. By completing the necessary training, passing the exam, and gathering the required documents, you can confidently step into Dubai’s lucrative real estate market. RERA ensures a fair and regulated environment, benefiting both real estate professionals and clients. With varied costs for different activities, obtaining a RERA certificate is an achievable goal. By adhering to RERA’s rules and understanding its role, you can successfully launch and grow your real estate business in Dubai, a city known for its impressive properties and diverse opportunities.