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Starting a Real Estate Brokerage Business in Dubai

MEDIA / Articles / 2021 / Starting a Real Estate Brokerage Business in Dubai
Those wanting to start a real estate brokerage company in Dubai might have been hesitant before due to the need of participation of a UAE national.

But with the recent changes implemented in the law and foreign business owners being granted license without a local sponsor, investors are braving their way into becoming a 100% foreign owned real estate agent in Dubai as well.

Real Estate Agent License

The Real Estate Brokerage license is a professional activity listed under the Department of Economic Development (DED), Dubai.

It is important to note that in Dubai, By-law No. (85) Of 2006 Regulating the Real Estate Brokers Register in the Emirate of Dubai governing and administering the licensed real estate brokers in the Emirate. Also, real estate brokers in Dubai are governed by The Real Estate Regulatory Agency (RERA).

Advantages of Doing Real Estate Business in Dubai

  1. Dubai is one of the greatest global tourist hubs
  2. Investor-friendly laws
  3. Ease of doing business
  4. Increasing number of real estate projects
  5. Infinite opportunities
  6. Attractive destination for real estate investments
  7. Top class infrastructure

There are two types of legal structures approved by the government and considered for the given activity:

  1. Sole Establishment- Involves a single person and applicable for a single natural person.
  2. Limited Liability Company (LLC) – Involves 2-50 partners as shareholders. Shareholder’s liability is limited to the extent of their shares in the company capital.

Types of real estate brokerage services in Dubai

  1. Real Estate Leasing Brokerage- Designated firms work as connecting point between the tenants and landlords with regard to leasing property against a remuneration and the role of a broker is complete as soon as the signed agreement is reached to the end.
  2. Real Estate Buying and Selling Brokerage- Such firms who are engaged in real estate brokerage business, mostly into buying, selling or appraisal activity.

Real Estate brokerage Business in Mainland

Following are the features of the license activity:
  1. The license allows activity such as mediation between the buyer and seller to close real estate transactions and sales.
  2. This may include properties that are either completed or off-plan.
  3. Properties must be registered with RERA and should have an approved escrow account by the authority.
  4. Shall include marketing and promotion of properties approved by RERA.

Setting up a Real Estate Brokerage company in Dubai

To start a real estate brokerage company, an applicant must apply for a real estate brokerage license through the DED and obtain approval from RERA and then the following:
  1. Must obtain a suitable trade name for the desired company
  2. Must obtain initial approval request by submitting relevant application form, passport copies of all the shareholders/managers and attested high school or degree certificate of the managers.
  3. Seek approval from the Real Estate regulatory Agency (RERA) and thus, the applicant must attend and complete training courses in real estate by RERA.
  4. Must obtain initial approval by DED
  5. Must produce signed Memorandum of Association (MoA) of the required business, notarised and legalised at the court.
  6. Must obtain office space and in case of rented premises, applicant must arrange Ejari (tenancy contract) for the business.
  7. Submit all relevant documents along with payment to DED
  8. Acquire trade license, office registration number and Real Estate broker ID.

Real Estate brokerage Business in DMCC Freezone

In order to obtain a Real Estate Buying & Selling Brokerage License in Dubai, the company must have the following:
  1. Require physical office space
  2. The license is restricted and can be obtained for a branch of existing RERA licensed companies only
  3. Maintain a minimum capital of AED 50,000.
  4. Obtain approval from the RERA

At Freemont Oneworld Group, Dubai, we will help you set up your desired business, offering you consultation with our experienced advisors. 

Contact us now through the form below and learn more about real estate business in Dubai:

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