Although the market may have slowed in the last year or two, the real estate market in Dubai continues to generate impressive returns. Returns of over 6% are not uncommon here, which makes the real estate market in Dubai more lucrative than many other renowned cities. London, for example, offers an average return of 4.4%, while New York has a 4% return.
Returns like these make real estate in Dubai an attractive proposition for investors from all over the world. In the investment market, associated services such as brokers, property management, and development are also in demand.
Also, with the right support, starting one of these businesses is easy and inexpensive. Here is everything you need to know to start real estate business in Dubai.
Are you ready to start a real estate company in Dubai?
Whether you are starting a real estate agency, property management company, or property developer, there are several steps you need to take before applying for your license.
First, you need to describe your business. Determine the type of service that you are allowed to offer. For example, listing real estate brokerage as an activity means you can rent real estate, act as the seller of a property, inquire about property sales and leases, and manage properties on behalf of owners.
There are many real estate-related business activities to choose from. Since it is important that the activity you choose is closely related to the activities you want, it is advisable to work with a business creation expert at this stage.
In the next step, select the name of the company. This requires a little more thought in the UAE than in any other part of the world. Why? Because the UAE has strict but easy-to-follow naming conventions. A business formation professional can help you adhere to them.
In summary, you should avoid any offensive or profane language. Avoid names of well-known organizations and avoid abbreviations when naming your company after yourself
The final step before getting your license application is about deciding whether to start your business in a free zone or on the mainland.
Both have many advantages. Free zones like Fujairah Creative City offer benefits like a quick and easy onboarding process, ongoing business support, and financial incentives like tax breaks and no currency restrictions.
The right setup for you depends on the nature of your business. Again, a business formation expert can advise you on the best approach.
