How To Get A RERA Approval For Your Real Estate License
Dubai’s property market recorded 43.2k transactions worth AED 115 billion during the first half of 2022. According to Zoom Property Insights, this marks a year-on-year growth of nearly 60 percent in sales volume and 87.8 percent in sales value. According to real estate insights, these figures are up 87 percent from H1 2021. Continuing the momentum of H1, the second half of the year was also robust. July 2022 witnessed 7,092 transactions, which shows a 63.56 percent increase compared to July 2021.
If you want to enter this exciting and rapidly expanding real estate market, this is the right time. Meydan Free Zone can assist you in obtaining a business license. However, Getting approval from the Real Estate Regulatory Agency (RERA) is vital when applying for a Real Estate license. Let’s take a closer look at what RERA is; how do you get your RERA license in Dubai, and what are the steps involved?
This blog will give you an overview of everything you need to know about RERA licenses, costs, and the process of starting your real estate company.
What Is RERA In Dubai?
Dubai’s Real Estate Regulatory Agency (RERA) is a regulatory body of Dubai’s land department. It works to regulate Dubai’s real estate market, providing a legal framework for all parties working in the sector, and it also enforces the rules.
This authority ensures that the real estate market operates smoothly, fairly, and effectively and that everyone in the sector follows the rules and meets standards. The program was launched in 2007 by His Highness Sheikh Mohammed bin Rashid Al Maktoum.
The existence of RERA means that the real estate sector is much better regulated than in the past, and it provides a level playing field where all businesses, customers, and buyers understand the rules. It also means that if businesses and real estate agents in Dubai have any disputes or problems, they can turn to RERA for more information about the rules and seek clarification.
RERA provides oversight of the following kinds of businesses:
- Real Estate Consultancies
- Real Estate Brokerages, Leasing Companies And Mortgage Consultancies
- Real Estate Management Companies
- Businesses Providing Real Estate Services In Dubai
- The Buying And Selling Of Real Estate
- Real Estate Promotion And Advertising
- Any Kind Of Dubai Real Estate Inspection Service
- Owner Associations
- Many Other Related Parties
Responsibilities Under RERA In Dubai
RERA has a wide range of responsibilities under its remit in Dubai. These responsibilities include:
- Licensing all businesses and organisations working in the real estate sector
- Licensing of real estate agents
- Regulation of rental agreements, advertising, and real estate exhibitions
- Producing studies and reports about the sector
- Promoting the real estate sector
- Communicating information about regulatory changes relating to the real estate sector to businesses and private individuals
Benefits Of Becoming A Real Estate Agent In Dubai
Dubai real estate is one of the world’s most valuable commodities. Commissions paid on the sale of high-value commodities are high.
Your interactions with Clients from diverse and multicultural backgrounds will provide you with many opportunities to develop meaningful and outstanding professional relationships.
Dubai’s properties are marvellous in terms of architecture, engineering, and art. The experience of seeing or being inside one of these buildings is incredible. Imagine yourself as a salesperson who sees and hears the same thing now and again.
Steps To Get A RERA License In Dubai
If you would like to open a business in the Dubai real estate sector, you must apply for a RERA license through the Trakheesi system online. At Meydan Free Zone, our consultants can provide guidance and advice on how to submit your application online and support you each step of the way.
The RERA license is just the beginning of your journey to becoming a successful real estate agent in Dubai. To get a RERA license, this is necessary to take the RERA exam and be certified. You need to follow a step-by-step process to get a RERA license in Dubai:
1. Apply For A Residency Visa
If you are not a UAE national, the first step to becoming a real estate agent in Dubai is to get a valid residency visa and Emirates ID.
The United Arab Emirates is a country of laws. Immigration, work permits, and visas are all governed by these regulations.
Residents and citizens of the UAE and GCC are exempt from this step. However, visitors from other countries must have a valid visa to work in the UAE. If you’re new to the country, we also have a detailed guide on how you can apply for Emirates ID.
2. Application process
You must apply for a business trade name that complies with the United Arab Emirates business naming rules, ensuring that it accurately describes what your company does and avoids using offensive terms.
Next up, you must submit various documents and complete your online registration. You will also need to collect signatures from all shareholders and obtain your payment voucher.
3. Register For DREI Certified Training And Take The RERA Exam
If you are new to the Dubai real estate industry, you may need to enroll in the RERA-approved Certified Training for Real Estate Brokers at Dubai Real Estate Institute (DREI). This is a 4-day training course for potential realtors to get complete knowledge of Dubai’s real estate market, laws, and practices.
The classes for this course can be taken online or at the Dubai Land Department. You must submit a copy of your Emirates ID and residency visa to register for this course. You must pay an AED 3000 fee to enroll in DREI courses.
TOPICS COVERED IN DREI COURSE:
- History and Development
- The Business of a Broker
- Introduction to Owner’s Associations
- Sales Processes and Agreements
- Leasing Process and Rental Agreements
- Concepts, Definitions, and Market Players
- Legal Module
- Essential Skills
- Code of Ethics
For more information, you can contact the relevant department through the following details:
Address: Dubai Land Department, Baniyas Road, Deira
Contact number: +971 – 8004488
Timings: 07:30 am to 04:30 pm, Monday to Friday
The next step after completing the DREI training is to take the RERA registration exam. The exam fee varies depending on the last educational certificate you hold.
The RERA registration exam would cost AED 3,200 to those with bachelor’s degrees in any field. AED 6,300 is the exam fee for those who don’t hold a bachelor’s or master’s degree.
Besides, if you hold no educational qualifications, the RERA registration exam would cost AED 15,750.
4. Get Your Realtor License And Obtain Approval
To start working as a real estate agent in Dubai, you must get a realtor license. After completing the DREI training and clearing the RERA registration exam, apply for a real estate agent license in Dubai.
The Dubai Land Department must approve the establishment of a real estate brokerage in Dubai (DLD). The DLD is the government agency in charge of all real estate matters in the region.
Also, a Certificate of Good Conduct must be submitted to the Economic Department when applying for a realtor license. This will be the most straightforward and shortest procedure if you have a clean criminal background.
After you’ve submitted these documents, the Economic Department will approve you and issue your license as a real estate agent in Dubai and a broker card within a few days. You must pay and receive your trade license before starting to work in your real estate business.
You can get your business up and running fast by completing these steps to get a RERA license in Dubai. The good news is that the process usually is relatively quick and straightforward, and with support from consultants at Meydan Free Zone, you can be confident you’ll receive your RERA license in no time.
Keep in mind that this license is not indefinite and requires periodic renewal. The real estate agent license in Dubai is valid for one year only. You have to renew it a month before the expiry date.
Documents Needed To Get A RERA License
If you are applying for a RERA license in Dubai, you will need to collect the following documents as part of your application:
- A copy of your residency visa, a passport copy, or an Emirates ID card
- Passport size photographs
- Proof you have completed your RERA certified training and your RERA exam
- A copy of your realtor license
- You may need to obtain a good conduct certificate from the Dubai police
- The NOC from your free zone authority if you are basing your business in a free zone
- Depending on the type of business you set up, you may need a memorandum of understanding signed by all shareholders
- A copy of your trade name reservation
If you are unsure about which documents you need to apply for your RERA license, our helpful consultants at Meydan Free Zone can check over your application and ensure you’ve got all the correct details.
RERA Certificate Costs In Dubai
The cost of applying for a RERA certificate depends on the kind of activity you are doing. Most real estate activities require an AED 5,000 fee to be paid each year per activity. However, some real estate activities incur higher annual charges.
Real estate activities with an AED 5,000 charge:
1- Real estate mortgage consultancy
2- Real estate consultancy
3- Real estate buying & selling brokerage
4- Real estate leasing brokerage
5- Real estate public auction organising
6- Real estate management supervision services
7- Real estate survey services
8- Self-owned property leasing and management services
9- Buying and selling real estate
10- Real estate services trustee
11- Real estate representative office
12- Mortgage broker
13- Real estate promotion trustee
14- Property inspection services
15- Real estate service centre
Real estate activities with an annual AED 10,000 charge include:
1- Real estate exhibition organising
2- Owner association management services
3- Real estate valuation profession licensing
There is also an annual AED 15,000 charge for leasing and managing other people’s property, an AED 25,000 charge for real estate development, and an AED 100,000 charge for real estate registration trustees.
Each license type has an AED 10 knowledge fee and an AED 10 innovation fee.
Why Start Your Real Estate Company In Meydan Free Zone?
Meydan Free Zone is the ideal location for a real estate business set up in Dubai. A digital free zone like Meydan free zone can assist you in getting your license to open a bank account without hassle.
We can advise you on all aspects of applying for your RERA license, and you can avail yourself of all the benefits of starting your business in one of the most premium free zones in the emirate. With 24/7 access, advanced technical support and 0% tax and 100% foreign ownership, you’ll have everything you need to tap into Dubai’s fast-growing property market.
Our professional consultants can support you with applying for a NOC from the free zone’s authorities that will allow you to operate your real estate business from our free zone.
We can advise you on all aspects of applying for your RERA license, and you can avail yourself of all the benefits of starting your business in one of the most premium free zones in the emirate.
With 24/7 access, advanced technical support and 0% tax and 100% foreign ownership, you’ll have everything you need to tap into Dubai’s fast-growing property market.
HOW CAN I CANCEL MY REAL ESTATE BROKER’S LICENCE?
You must submit your application in the Trakheesi (MyLicense) system. There are no cancellation charges.
DO EXPATS NEED TO COMPLETE A CERTAIN PERIOD OF RESIDENCY TO OBTAIN THE LICENCE?
As soon as an expat obtains a residency permit, they can enroll in the licensing process. There is no specified period of residency that they have to complete.
WHAT IS THE MINIMUM AGE FOR GETTING A REAL ESTATE BROKER’S LICENSE?
It is not necessary to have a university degree if you plan to become a licensed real estate agent in the UAE, but you need to be at least 21 years old.