Open A Real Estate Agency in Dubai, UAE
Dubai is one of the most sought-after destinations in the world when it comes to real estate. While real estate in New York returns an average yield of 2.9%, the same is 2.7% for London. However, real estate in Dubai has an average yield of 7%, which makes investing in Dubai real estate a highly lucrative proposition. Real estate deals worth billions of dollars happen every week in Dubai.
So you can see why starting a real estate agency makes sense in Dubai, United Arab Emirates. The commission on a sale is generally 2% of the price, or about 4% on a lease. With there being only around 2,307 active real estate brokers and 738 real estate brokerage firms in Dubai, competition is also on the lower side for a city that has a 3.33 million resident population.
How to Start a Real Estate Agency in Dubai, UAE
To be a licensed real estate agent in Dubai, you need a Broker Card. This is issued to only those who complete the requisite training program of the Real Estate Regulatory Agency of the Dubai Land Department. You need to have completed high school education and be associated with a real estate brokerage firm in Dubai to be eligible for the training program. So some open their own firms.
When opening your real estate brokerage firm, the first thing you need to do is pay attention to the name of the company. It cannot start with a term like ‘Global’ or ‘International’. Religious terms are also not allowed, as are the names of countries and cities. The names of geographical regions and nationalities may be used. A first name is permitted only if it is the name of the company owner.
A business setup consultant can tell you more. He/She can also reserve the trade name so that when you apply for company registration, it will be granted exclusively to you and not anyone who may apply for the same name before you. He/She will also draw up the company formation documents and get them notarized so that they have legal standing in the United Arab Emirates.
You can set up a real estate agency in Dubai on the mainland or in a free zone. The mainland is the area of the United Arab Emirates that is not part of a designated free zone. While you will be more accessible to your clients – and your clients more accessible to you – on the mainland, the costs of business setup in Dubai are comparatively lower in a dedicated free zone.
A business setup consultant will not only help you register your company and get a Trade License to do business, but also assist you to open a corporate bank account. This way, you will be able to make and receive payments with ease. Owing to strict anti-money laundering regulations, opening a bank account in the UAE is not easy. But the right business setup consultant can make it happen.
Why Choose FlyBiz for Opening a Real Estate Agency in Dubai, UAE?
At FlyBiz, we have years of experience helping incorporate companies on the mainland and in free zones. To date, we have been of assistance to clients from 100 countries across the globe. Our experts speak multiple languages and have been handpicked for their respective expertise in Business Consulting, Tax Advisory, Legal, and Corporate Finance. Our client satisfaction rate stands at 95%.