The Real Estate Sector of Dubai’s Economy

The United Arab Emirates (UAE) has earned a reputation for being extremely business-friendly and adapting to changes in order to better serve each industry. The same can be said about Dubai’s real estate market as a whole. The United Arab Emirates (UAE) has seen a significant increase in the demand for real estate over the course of the past few years and has taken measures to diversify the industry.

The following is a list of the areas that are open to investors:

Market for Office Space

As a result of the expanding economy and the increasing number of individuals who have decided to establish new companies in the UAE, there is a significant increase in the demand for office space. Because of this, a lot of investors decide to put their money into the office market. This area features turnkey office solutions, full office spaces, and coworking spaces all rolled into one convenient location.

The Market for Industrial Goods and Logistical Services

You are aware that not all businesses consist of jobs in an office setting. Even though there is a higher demand for office space, there is also a higher demand for warehouse space. In order to increase the city’s overall revenue, the local government has begun to take the necessary steps toward enhancing the warehousing and logistics industry.

Retail Market

The retail industry is one of the most important contributors to the economy of the country. This can refer to any kind of retail, from upscale shopping that draws in tourists to grocery stores that serve the community. There is still a significant demand for new shopping centers across the UAE, and several of these facilities are currently in the process of being built.

Hospitality Market

The hospitality industry has been significantly altered as a result of the influence of tourism. It goes without saying that there must be adequate land and space available before hospitality businesses such as hotels and attractions can be constructed. Due to the high demand for space, the hospitality real estate market in Dubai has grown significantly in recent years.

Residential Market

Not only does Dubai attract an increasing number of tourists, but also an ever-increasing number of people who are interested in relocating there permanently. Due to the significant rise in population that has occurred over the course of recent history, there is a greater demand for residential property.

What are the Steps Needed to Get Started in the Real Estate Business in Dubai?

If you are prepared to launch a career in the real estate industry in Dubai and need assistance getting started, we are prepared to assist you. ReCorporate will be present throughout the process to ensure that your company is successfully launched and operational within a short amount of time.

The following are the steps that must be taken in order to establish a successful real estate business in Dubai:

Find a place to stay.

Your company has the option of operating either in the Mainland or in an Offshore FreeZone.

Choose a format for your company.

Single-Owner Business or Franchise

Partnership-in-Commonwealth General Partnership Partnership-in-Commonwealth

Joint Venture

Participation of the Public

Limited Liability Company with Private Shareholding Business Organization Business Organization

Make sure that the Department of Economic Development is aware of the finalized trade name.

The word “Real Estate” or “Broker” needs to be a part of the title of the business.

Employ People to Do Work

To assist you in maintaining an accurate accounting of your company’s expenditures and profits, you will need to invest in back-office services such as a certified public accountant.

In Dubai, how much does it cost to get started in the real estate brokerage business?

Beginning a new venture in the real estate industry in Dubai will involve consideration of a variety of different aspects. For instance, the type of commercial activity you will be engaging in, the size of your company, and the geographic region in which you decide to launch your enterprise will all have a significant impact on the costs involved. A good starting point for an estimate of the cost to establish a real estate company in Dubai is approximately 21,000 AED. All of this is subject to change depending on the taxes that are levied and the activities of your company.

If you intend to launch a real estate brokerage, all of the real estate brokers and agents working under your umbrella will need to be licensed through the Real Estate Brokers Registration (RERA). Another fee that you should anticipate having to pay is this one. Your prior educational experience will determine how much you will need to pay for the exam.

Bachelor’s degree holders – AED 3,200

Non-degree Bachelor’s holders – AED 6,300

AED 15,750 if you have no educational qualifications.

After you have finished your RERA training, you are eligible to apply for a license to practice real estate brokerage.