Dubai real estate industry is an attractive destination for investment – with a compelling mix of high rental yields, tax benefits, and world-class infrastructure. If you’re looking to tap into this world of opportunities, there’s good news! You can become a real estate agent in Dubai by following the right procedures.
This post will guide you through the process of becoming a real estate agent in Dubai, whether you’re looking to expand your portfolio, or you want to start your real estate career in this vibrant market.
Here’s all the basic information about becoming a real estate agent in Dubai so you can plan your career with an informed approach.
Step-by-step guide to becoming a real estate agent in Dubai
Step 1. Meet the requirements
To become a real estate agent in Dubai, the first step is to ensure you meet the basic eligibility criteria. Here are the basic requirements:
Age: You must be at least 21 years old to qualify for a real estate licence in Dubai.
Residency: You should either be a UAE or GCC citizen or hold a valid residency visa. If you’re a foreigner, there are a few ways to get a residency permit in Dubai. You can get a work visa from your employer, or your spouse can sponsor a residency visa if they work in Dubai.
Education: There’s no mandatory educational requirement for a real estate agent in Dubai, but having some qualifications in business or related fields may provide a competitive edge.
Step 2. Enrol in a real estate training course
The next step is to enrol in a real estate training course. You must complete a training course that is certified by the Real Estate Regulatory Agency (RERA) to apply for a real estate licence in Dubai. RERA mandates that all prospective agents should undergo formal training to ensure they know the market’s legal and ethical standards before applying for a real estate licence.
The Certified Training for Real Estate Brokers course spans four days and costs approximately AED 3,000. The course includes modules on Dubai’s property market, legal regulations, property transactions, and customer service, equipping you with comprehensive industry knowledge.
Step 3. Attend and pass the RERA exam
After completing the training course, it’s time to demonstrate your real estate understanding by passing the RERA exam.
The exam basically tests your knowledge of the real estate laws, market practices, and ethical guidelines. You need to score at least 70% to pass the exam and be eligible to obtain a broker’s card.
The exam fee is around AED 3,200.
Step 4. Obtain a realtor licence
You can directly apply for a realtor licence after passing the RERA exam. A realtor licence proves your identity as a certified real estate professional, and it’s a mandatory requirement for practising real estate in Dubai.
To apply for a realtor’s licence, you should submit your training certificate, exam results, passport copy, residency visa, and a passport-sized photo to the economic department. You may additionally need to submit a certificate of good conduct.
The economic department will usually issue a realtor licence and a broker card within a few days of you submitting your application. The application fee costs approximately AED 520.
What’s next after obtaining your realtor licence?
You’re technically allowed to provide real estate services in Dubai after obtaining a realtor licence. But understanding the industry and gaining practical skills is still key to a successful career as a realtor in Dubai.
Working with a registered real estate brokerage can be a good start. This experience is crucial for gaining practical understanding of the industry and building a client base. Employment with a reputable brokerage firm in Dubai will give you access to mentorship, training, and a supportive environment to develop and hone your skills.
The next step is to register yourself with the Dubai Land Department. Typically, your employer will assist you with the registration process.
And finally, you’ll want to ensure you follow all laws and regulations governing real estate practice in Dubai. This includes staying informed about any changes in legislation.
How to renew your realtor licence in Dubai
You should renew your realtor licence in Dubai annually to keep providing real estate service. You must retake the RERA exam and score at least 85% to renew your broker card.
Also, keep in mind that you should apply for your licence renewal one month before your licence expires. Failing to do so will automatically cancel your licence. You’ll have to take the training course once again and restart the process. The renewal cost is AED 510.
Refer to the official land department website for the latest information.
Perks of becoming a real estate agent in Dubai
Dubai’s real estate market is dynamic and a rapidly growing sector. It offers high rental yields and investor-friendly environment, attracting both local and international investors. Apart from that, Dubai’s regulations and taxations are regarded as one of the most investor-friendly in the world. Here are some pros of pursuing a real estate career in Dubai:
Tax benefits
Dubai does not levy annual property taxes, which makes it a cost-effective option for property ownership. Additionally, there is no income tax in Dubai, offering a significant advantage for investors.
High rental yields
Dubai’s rental yield ranges from 5% to 9%, which is one of the highest globally and considerably higher than many mature markets. Also, the city’s large expat population drives a consistent demand for rental properties.
Economic stability and growth
Dubai’s economy does not rely on one commodity. Apart from oil, industries like tourism, trade, aviation, and financial services support Dubai’s long-term economic stability. Moreover, investments in infrastructure and mega projects from investors from all around the world contribute to economic growth and real estate demand.
Strategic location
Positioned between Europe, Asia, and Africa, Dubai serves as a major business and travel hub. The city draws millions of tourists annually, boosting short-term rental demand.
Safety and security
Dubai offers a safe environment for residents and investors due to its low crime rate. Also, the UAE’s stable political environment enhances the investment climate.
Cons of Dubai real estate
While there are many reasons to pursue a career in real estate in Dubai, here are some cons you may want to look into:
Market volatility
The real estate market in Dubai can be volatile as property prices are subject to fluctuations due to global economic conditions and local market dynamics. Also, high levels of speculative investments may lead to price instability.
Oversupply concerns
Rapid investment and development of infrastructure has led to concerns about oversupply in certain property segments, especially commercial sectors. It can impact rental yields and property values.
High transaction costs
Despite the lack of property and income taxes, the transaction costs, such as agent commissions, registration fees, and maintenance charges, can be high.
Regulatory changes
Frequent changes in regulations can affect the market. Always stay informed about the latest rules and compliance requirements – and stay compliant.
Conclusion
The real estate industry in Dubai is vibrant and comes with a lot of opportunities. That being said, it’s also a highly competitive sector. Apart from understanding the market, continuously improving your skills, and networking, you should leverage technology to stay in the competition and build a successful real estate career.
Luckily, there are many CRMs to help you run your businesses more smoothly. By streamlining your sales process, A CRM can help you follow up with your leads more effectively and close more deals.
If you’re a smaller-scale real estate agent, you’ll probably need a light yet powerful CRM solution that’s easy to use and works on all your devices. If that’s the case, look no further than Privyr.
Privyr is a mobile-first CRM solution that allows you to run your real estate sales process all from one place on your mobile phone or laptop. It helps you reduce manual work by automating repetitive tasks, such as importing leads from lead sources, managing follow-up schedules, and filtering leads. You can even reach out to new leads on popular messaging apps like WhatsApp, text, or call – all within seconds. Privyr also allows you to automatically transfer your new leads from unlimited lead sources for free, so you can save, manage, and contact all your leads from one place. Try Privyr for free today!
