If you want to engage in some real estate activities in Dubai, you’ll need some approvals. Once you’ve applied for a trade license, it’s important to approach the RERA for approval.
The process of obtaining a RERA certificate in Dubai can become complex. Hence, you need to get familiar with the conditions and requirements set by the authority.
This article will guide you on how to get RERA approval for a real estate license in Dubai.
What does RERA do in Dubai?
RERA stands for Real Estate Regulatory Agency in Dubai. It operates as a part of the Dubai Land Department (DLD). RERA acts as a governing body overseeing Dubai’s real estate market. Its goal is to build a framework for regulating the parties involved in the real estate sector. All this while enforcing the industry rules and regulations.
RERA’s responsibility is to ensure that the operations within Dubai’s real estate sector get implemented. And ensuring that all participants are adhering to the set standards.
Responsibilities of RERA:
RERA is creating a transparent environment for the real estate industry stakeholders. Its responsibilities include -
1. Licensing real estate agents to ensure competence and professionalism.
2. Promoting growth within the real estate industry by implementing the right measures.
3. Granting licenses to businesses and organizations operating in Dubai’s real estate sector.
4. Conducting studies and producing reports on the state of the real estate sector. This helps in informed decision-making.
5. Regulating agreements, advertising practices, and real estate exhibitions. This is to safeguard the interests of both landlords and tenants.
6. Communicating any changes in the real estate sector to business owners and individuals.
Benefits of having a RERA Certificate in Dubai -
RERA’s establishment has brought many benefits to Dubai's real estate market. Due to the regulations imposed by RERA, developers are now required to provide information about their projects, such as completion timelines and payment plans.
This increases transparency. It empowers buyers with the required knowledge for making informed decisions.
1. Consumer Protection: RERA has introduced regulations to safeguard the rights of buyers. This ensures that the developers register their projects with RERA. Plus, guarantee the completion according to agreed-upon specifications.
2. Increased Investor Confidence: RERA's regulations have instilled a sense of trust among investors. This creates an ideal investment environment.
3. Professionalism in the Industry: RERA’s licensing and registration requirements for real estate professionals promote an ethical industry. This results in many benefits for the Dubai real estate market.
4. Efficient Dispute Resolution: To streamline the resolution process for disputes involving developers, buyers, and other parties, RERA has established a center. This initiative has improved the efficiency of dispute resolution to a great degree.
Get your RERA Certificate in Dubai -
Do you want to start a real estate company in Dubai, UAE? Then you must apply for the RERA license through the Trakheesi system online.
Are you looking for expert guidance for navigating through the process? I recommend you contact trustworthy business setup consultants in Dubai. Their guidance will help you save time and money.
Here are the essential steps for obtaining a RERA Certificate in Dubai -
1. Submit the trade license application to the Department of Economy and Tourism (DET).
2. Registering on the Trakheesi system through the Dubai Land Department (DLD) website.
3. Enrolling in the RERA-approved certified training for real estate brokers. It's conducted by the Dubai Real Estate Institute (DREI).
4. Clear the RERA Registration Exam.
5. Once your application gets approved, apply for a practice card. This is for your real estate activity.
6. And then you receive your RERA license.
Conclusion:
If you're planning to start a real estate company in Dubai, UAE, it's mandatory to get a RERA Certificate in Dubai. But, navigating the process of obtaining approval can be time-consuming without any help.
To ensure a stress-free and hassle-free process, you should contact Commitbiz Management Consultants. We’re assisting entrepreneurs in setting up a company in Dubai with handholding support.
We assist in many aspects like RERA approval, drafting necessary documents, and more. Commitbiz has been in this business for more than a decade and has served 150+ nationalities. This shows that we know a thing or two about real estate.
Time to get your RERA certificate by booking a call with our consultants.
Do foreign nationals who wish to receive a RERA license have to fulfill a residency requirement?
Foreign nationals can start the licensing process as soon as they receive a residency permit. They are not required to stay for a certain amount of time.
What is the age requirement for becoming a licensed Real Estate broker in Dubai?
To become a certified real estate broker in Dubai, you must be at least 21 years old. A university degree is not required.
What is Dubai's RERA?
The Real Estate Regulatory Agency, or RERA, is in charge of overseeing the real estate industry in Dubai. Ensuring conformity to industry regulations and providing a legal framework that’s advantageous to all stakeholders.
What does Dubai's RERA approval mean?
RERA approval entails regulating rental agreements in addition to licensed real estate companies and agents. To uphold the industry standards, the agency supervises a number of industry-related issues.
