From the world’s tallest tower to a man-made, palm tree-shaped archipelago, Dubai never fails to enchant and amaze. This is true not only for ex-pats looking to live and work in Dubai but also for a growing number of investors who are becoming increasingly interested in dipping their toes in Dubai’s property market. As one of the fastest-growing cities in the world, Dubai boasts a thriving economy, an unrivalled property portfolio and some of the best returns on property investment. The city’s real estate market has boomed because of the massive inflow of businesses and industries. This has left many business-savvy individuals eager to become real estate brokers. This article will walk you through the process of becoming a Real Estate Agent and thriving in Dubai’s Real Estate Industry.

The United Arab Emirates is a country of laws. Immigration, work permits, and visas are all governed by these regulations. Visitors from other countries will require a valid visa to work in the UAE. This problem may be solved using two primary methods. Both of these methods are based on the principles of sponsorship. To begin, you can obtain a visa through your business. Your company will sponsor you as the company’s employee. This will provide you with permission to work and remain in Dubai. For those of you lucky enough to have a UAE citizen or resident as a spouse, use the 2nd method. Spousal or Family Visas are Visas in which your spouse serves as your sponsor. These Visas allow foreigners to work and live in the UAE. After you’ve got your visa, all you have to do now is apply for and receive an Emirates ID. You may finally start the process of a fully licensed real estate broker in Dubai once you’ve completed this official process.

Once your residency visa is ready, it is time to sign up for training with the Dubai Real Estate Institute (DREI). The four-day course known as Certified Training for Real Estate Brokers aims to give the necessary insight into the city’s real estate industry.

This course is approved by the Real Estate Regulatory Agency (RERA), which is the regulatory arm of the Dubai Land Department (DLD. The various modules covered in this course include:

• The evolution of Dubai’s real estate market through time In Dubai.
• Dynamics of the industry, ideas, jargon, terminology, and important market players
• Legal agreements, as well as sales and procurement processes
• Legal documents pertaining to property leasing and rentals
• Real estate agents’ ethical norms of conduct and behaviour
• An overview of Several Owners’ Associations
• Real estate law in general
• Additional fundamental talents required to function as a good broker

Classes can be taken either online or at the RERA agent registration training centre at DLD.

Details are given below:
Location: Dubai Land Department, Baniyas Road, Deira
Timings: Sunday to Thursday – 07:30 a.m. to 02:30 p.m.
Contact: +971-4-203-0456
Cost: AED 3000

After passing the 4-day DREI course, the next step toward becoming a broker in Dubai is the written Real Estate Regulatory Agency (RERA) Test. The following steps need to be followed in preparation for appearing for the exam.

1. Check your eligibility – As with most exams, you must check if you are qualified to sit for the RERA exam. When it comes to the RERA exam, the requirements you need to qualify are straightforward: you must have finished high school at least and passed a background check.
2. Register with the Dubai Land Department –  Once you make sure you are eligible to take the course, you should register with DLD, the Dubai Land Department. Registering there will grant you a unique user ID.
3. Submit your required documents after getting your ID –  ensure you have all the documents ready. You will need a copy of your high school certificate, or equivalent, a copy of your passport and Emirate ID, and a new passport-size photo.
4. Pay the examination fees – For persons having a bachelor’s degree from a university, the test price has been cut to 3,200 AED (872 USD). You may still take the test if you do not have a bachelor’s degree, but it will cost you extra money: 6,300 AED (1715 USD).

Once you’ve enrolled, paid the needed fees, and submitted all applicable documentation. It is now time to begin studying and preparing for the exam. To ensure your exam success, you should prepare the following:

The regulations and laws of real estate in Dubai

As mentioned, this exam aims to test your understanding of Dubai’s real estate rules and regulations. To demonstrate such knowledge, you must review the latest regulations, especially those related to property registration, transactions, and disputes. Having a good understanding of the rules and regulations will be of great benefit to you. Your work as a real estate agent will focus on all such factors.

The  market of real estate

Viewing the latest trends in the real estate markets is also essential. What we mean by that is to familiarize yourself with the types of properties available at the time and their prices. Moreover, get a general idea about the factors that affect the market and the likely and potential future trends.

The ethical practices of real estate

Understanding the real estate agent code of conduct is essential. Study the guidelines for advertising to clients, providing them with information, and the rules for handling client money.

Basic financial concepts

It would be best if you were thorough with the basics of property pricing, mortgages, property appraisals, and other financial concepts in this industry. It would help if you prepared well for this, as the exam will ask questions about all these issues.

The provisions of the Real Estate Regulation and Development Act (RERA):

Understanding RERA’s goals and guiding principles, the duties and rights of diverse stakeholders, and the authority and responsibility of the RERA authorities are all part of this.

After passing the RERA exam, there is just one more step to becoming a fully certified and licensed broker in Dubai. If you have a clean criminal record, this will be the easiest and fastest method. You only need to hand in your DREI course completion certificate, proof that you passed the RERA exam, and a certificate of good behaviour to the economic department. Upon the submission of these papers, the Economic Department will accept you and grant you a Broker’s License within a few days. Remember that this license is not perpetual and must be renewed on a regular basis. The renewal procedure must be started one month before your broker’s license expiration date. The RERA test has to be taken again and passed with an 85% or higher score. keep in mind, that if you don’t start the renewal procedure one month before your license expires, you might not have enough time to finish it. As a result, you may face penalties such as fines or you might have to repeat the DREI course.  

Once you have redone and passed the test, the renewal process can simply be completed online by providing these relevant documents:

• Valid Passport and/or Residency Permit (while not necessary, it’s always good practice to provide both)
• Personal Photo
• Broker’s License Certification
• The renewal fee is 510 AED (roughly 140 USD)

The real estate market in Dubai has been recognized as the most transparent in the Middle East and North Africa. The market is currently at an all-time high, with no indications of decline. The Federal government is promoting market openness through new and improved programs and legislation. Investors appreciate Dubai owing to the economy’s ongoing expansion and stability. Being the Middle East’s tourism and business centre, it boasts one of the most diverse economies, receiving a huge amount of international investment each year. It should come as no surprise that Dubai recently ranked first in terms of attracting foreign direct investment projects. Aside from these, exceptional living standards, safety, strategic position, tax-free income, and world-class infrastructure are the reasons why Dubai has become one of the world’s most active cities, attracting investors from all over the world. These elements generate a profusion of chances for property investors eager to capitalize on Dubai’s thriving real estate market.

This article’s material should not be construed as legal advice. Hassan Al Reyami Attorneys and legal experts are happy to answer your questions during a 30-minute free legal consultation session that is being given to you if you are facing any issues pertaining to the following subject or have any other inquiries.