Latest news with #RealEstateRegulatoryAgency
Hi Dubai
5 days ago
- Business
- Hi Dubai
Dubai Land Department Honours 10 Real Estate Firms for Exceeding Emiratisation Targets Under Broker Programme
In a move that reflects Dubai's commitment to promoting professional empowerment and the active participation of Emiratis in key economic sectors, Dubai Land Department (DLD), represented by the Real Estate Regulatory Agency, organised a special ceremony to honour the real estate brokerage firms most dedicated to hiring UAE nationals, as part of the 'Dubai Real Estate Broker Programme.' The ceremony was held on Thursday at Dubai Land Department's headquarters, in the presence of His Excellency Omar Hamad BuShehab, Director General of DLD, along with several CEOs and representatives from the real estate sector. 10 leading real estate brokerage firms were honoured during the ceremony in recognition of their pioneering role and active contribution in exceeding the programme's key Emiratisation targets. This achievement qualifies them for additional points that enhance their classification with DLD, reflecting a genuine commitment to advancing Emiratisation in the real estate sector and boosting the participation of national talent across its various fields. The list of honoured companies included Harbour Real Estate Broker, On Plan Real Estate, Dirham for Real Estate Brokerage, AlRuwad Real Estate, AKN Properties, Exp Real Estate, FAM Real Estate Broker, Real Estate Codes, PSI Real Estate, and D&B Properties. Mohammed Ali Al Badwawi, Acting CEO of the Real Estate Regulatory Agency (RERA), said: 'What we are witnessing today is a true example of a conscious partnership between the public and private sectors. As a result, each honored company under the 'Dubai Real Estate Broker Program' has successfully employed more than twenty Emirati men and women. The program has exceeded its targets in a short period, thanks to the pivotal role of these companies, which have demonstrated that investing in Emirati talent is a strategic choice that reflects institutional maturity and long-term vision. We reaffirm our commitment to expanding this program and enhancing its impact in building a more balanced and sustainable real estate market.' This achievement marks a significant milestone in the program, led by Dubai Land Department, to open new career opportunities for Emiratis and prepare them to take on leadership roles within the real estate brokerage sector. The program is built on an integrated system of training, qualification, and professional support, in close collaboration with private sector companies that serve as key partners in realizing its objectives. This recognition embodies the principle of responsible partnership with real estate brokerage firms that believe Emiratisation is a strategic necessity for the future and promising prospects of the market. It reflects an ambitious vision aligned with the Dubai Real Estate Strategy 2033, by focusing on human capital development and ensuring market sustainability. It also supports the Dubai Social Agenda 33, which aims to achieve transformative progress in employment, skills development, and empowering every citizen's potential. In this context, Dubai Land Department continues to invite all real estate companies in Dubai to join the program and contribute to this ambitious national initiative, which aims to build a more inclusive and sustainable work environment while providing quality opportunities for Emiratis in a vibrant and growing sector. Participating in the program enhances institutional balance, strengthens a company's position in the market, and represents a genuine contribution to realising Dubai's vision of becoming the best city in the world to live and work.
The National
13-06-2025
- Business
- The National
UAE Property: ‘Is a ready unit better for investment or off-plan?'
Question: I'm considering buying a second property in Dubai. Is it better to go for a ready unit or an off-plan property as an investment? There are so many options, I could do with some advice. CP, Dubai Answer: Both ready and off-plan properties can be excellent investments. The right choice depends on your risk tolerance, timeframe and cash flow requirements. If your priority is immediate rental income, then a ready property is the better option. You can start earning from day one and the transaction process is straightforward. You also have full visibility of the condition, layout and location of the unit. This is often preferred by first-time or cautious investors. On the other hand, off-plan properties tend to offer better entry prices and more flexible payment plans. Developers frequently launch units at favourable market values to attract early investors. If you're looking for capital appreciation and are comfortable waiting three to four years for the handover, this route can be quite lucrative. However, keep in mind the risks of project delays and market fluctuations. Regardless of which path you take, you should always research the developer's track record. Even if the builder is not a UAE-based developer, check out what they have handed over in their home country. Ensure the development is approved by the Real Estate Regulatory Agency, registered in Oqood and has an escrow account opened in the project's name. Lastly, evaluate the neighbourhood's long-term potential, not just current returns. It is more beneficial to enter a project that is in a neighbourhood with great potential rather than an area that is already established. Look for things that will add value in the long term, such as transport links, Metro, road extensions and amenities. Diversification across different asset types, some ready, some off-plan, can also be a great strategy, especially as Dubai's property market continues to mature. Q: I've been collecting references to support my position that a new landlord cannot use the old landlord's eviction notice (which was given for the reason of selling) to rent the property to another tenant at a higher rate. Can you point me in the direction of some cases that were won in favour of this position, or to any legal advisers who have experience with similar cases? NG, Dubai A: Unfortunately, I do not have access to such documented cases. However, I would like to offer my opinion. Previously, a new landlord could not use an old landlord's eviction notice. But recently judges at the Rental Dispute Settlement Committee have changed their stance on this and now allow the eviction notice to be transferable. However, a landlord is not allowed to evict a tenant to re-let the property to somebody else. The new landlord should offer the outgoing tenant the right to move back in, and only if the tenant refuses to do so can the former go on to let the property to someone else. It's important to note that the tenant should confirm in a notarised document that they do not wish to move back in. Once this document is available, the landlord is free to let it to someone else at the market rate.
Al Bawaba
12-06-2025
- Business
- Al Bawaba
The second tokenized project on the ‘PRYPCO Mint' platform was sold out in a record-breaking one minute and 58 seconds
Dubai Land Department (DLD) was founded in May 1960 to establish the most prominent real estate sector at regional and international levels. DLD provides outstanding services to all its customers and develops the necessary legislation to propel the real estate sector in Dubai by organising and promoting real estate investment, and spreading industry knowledge. DLD seeks regional and worldwide innovation in real estate with the aid of its active sectors that include Real Estate Registration and Services, Real Estate Promotion and Investment Management, and Corporate Support, as well as with the aid of its active organisations that include the Real Estate Regulatory Agency, the Dubai Real Estate Institute, and the Rental Dispute Centre.
The National
07-06-2025
- Business
- The National
UAE Property: ‘Can my landlord evict me for not agreeing to a rent rise?'
Question: I have been renting a villa in Dubai for the past three years, and my tenancy contract is due for renewal in a couple of months. My landlord has just informed me that he intends to increase the rent by 15 per cent, which seems excessive. I checked the Real Estate Regulatory Agency's rental index, and according to it, my current rent is already within the acceptable range for similar properties in my area. I've raised this with my landlord, but he insists on the increase and says if I don't agree, he will not renew the contract. I've always paid rent on time and maintained the property well. Do I have any legal recourse in this situation? Can he evict me just because I'm not agreeing to the rent hike? CT, Dubai Answer: Under Dubai's tenancy laws, specifically Law No. 26 of 2007 as amended by Law No. 33 of 2008, landlords cannot arbitrarily increase rent beyond what is permitted by the Rera. The new smart rental index is the official tool that governs permissible rent increases and any proposed rise must fall within the parameters it outlines. If your current rent is already within the acceptable range compared to similar properties in your area, and the index confirms that a 15 per cent increase is not justified, then the landlord cannot legally impose such a rise. Furthermore, the landlord must provide a minimum of 90 days' written notice before the renewal date if he intends to amend any terms of the contract, which obviously includes the rent. If he has failed to do so within this time frame, the existing terms – including the current rent – will automatically carry forward into the new lease term. Regarding eviction, the law is clear: a landlord can only evict a tenant for specific reasons, such as wanting to move in themselves or to sell the property. These reasons must be supported by proper documentation. Even then, they are required to provide at least 12 months' notice through a notary public or registered mail. In your case, if the landlord is threatening to evict you purely because you are not accepting an illegal rent increase, this would not stand in front of the Rental Dispute Settlement Centre (RDSC). You have every right to challenge such a demand and I would encourage you to gather all communication in writing and, if need be, file a complaint with the RDSC to uphold your rights. Q: I'm based in London and am considering buying a property in Dubai as an investment. While I'm familiar with the sale prices, I want to make sure there are no hidden costs or taxes that could catch me off guard. What additional costs should I expect when purchasing a property in the UAE, especially in terms of government fees, taxes and continuing expenses? GC, London A: The UAE, and particularly Dubai, remains one of the more attractive property markets globally due to its relatively low transaction costs and absence of annual property taxes. However, there are still several upfront and continuing costs you should be aware of: Upfront costs Dubai Land Department (DLD) fees: This is the most significant government-related cost. The DLD charges a 4 per cent transfer fee on the property's purchase price, plus an administration fee (typically Dh580 for apartments/villas). Agency commission: If you use an estate agent, expect to pay around 2 per cent of the purchase price as a commission. Trustee office fees: These are the service centres that process the legal transfer. The cost is around Dh4,000 for properties above Dh500,000 (and Dh2,000 for those below that threshold). Mortgage registration fee: If you're borrowing to buy, the DLD charges 0.25 per cent of the loan amount, plus Dh290 in admin fees. Valuation fee (for mortgages): Lenders typically charge around Dh2,500 to Dh3,500 for property valuation, paid by the buyer. Developer's NOC fee: For secondary market purchases, the developer must issue a no objection certificate (NOC) to transfer ownership. This usually costs between Dh500 and Dh5,000, depending on the developer. Continuing costs Service charges: These are annual fees paid by property owners to maintain the building or community (covering cleaning, security, landscaping, etc.). Charges vary widely by project and are calculated per square foot. Maintenance/repairs: These are not regulated and depend on the age and condition of the property. It's wise to budget for unexpected repairs. One of the major benefits in the UAE is that there is no annual property tax on owned real estate or any tax on selling the property either, making it an appealing investment environment. That said, if you let the property, you may need to consider income from rent in your home country's tax filings, depending on your residency status and tax obligations abroad. In conclusion, while there are no hidden taxes, the combined cost of these fees can total between 7 per cent to 8 per cent of the property price, so it's important to budget accordingly.
Time Business News
31-05-2025
- Business
- Time Business News
A Beginner's Guide to the Dubai Property Market
Dubai's skyline represents ambition, innovation, and economic growth. With the luxurious skyscrapers in Downtown Dubai and waterfront villas in Palm Jumeirah, the city has an extensive property landscape for both new and experienced investors. If you are new to property investment in UAE, it is important to understand the basics of the Dubai property market. This guide will simplify the essentials, educating you and providing you with foresight and strategic thinking. Dubai's real estate market is governed by the Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA) to provide transparency, standardization in the transactions of property, and protection to the market for investors. Foreigners have the legal right to own a property within designated freehold zones such as Dubai Marina, Downtown Dubai and Business Bay. If you decide to purchase a property, it is essential to do your due diligence with the developer, and verify the title deed of the property. You will also need to understand the applicable service charges, or homeowners' association charges. An effective way to make the due diligence process quicker is to partner with a licensed property consultant Dubai who can present their local insights and legal context with transaction. There are two types of property ownership in Dubai, which are freehold and leasehold. A freehold property is where the owner has all rights to the property and the land the property is on, which is the most desirable ownership for many foreigners. Leasehold is where the owner has right to occupy, or rent the property for a duration of time (30 – 99 years, typically) but does not own the land. It is important to be aware of the differences in ownership types for an embracing relationship with long-term investment objectives Historically, Dubai's Property Market is influenced by cyclical events. The property market has halted and increased based on conditions such as global economic conditions, oil price, and through events that usually attract investors, such as the hosting of Expo 2020. Demand has also risen significantly during the last few years as many high net worth individuals relocated to Dubai in search of security, tax advantages, and lifestyle choices. Investors in Dubai must always be presented with both types of properties during their property purchase or investment journey. One the one side are properties that are off-plan, which is sold typically under cost and attractive payment plans. There are risks to both properties: off-plan are often a year plus with potential delays, while ready properties entail more upfront cost but provides immediate rental income with a other factors to not consider such the unknown on rent levels for all or a new lease will not providing the return or rental income desired. When choosing between the two, consider your risk tolerance, investment horizon, and cash flow needs. A trusted advisory firm like Prime Bullions Properties can help evaluate your options and present opportunities that match your investment criteria. Dubai is home to a diverse array of neighborhoods, each catering to different lifestyles and investment goals. Here are a few hotspots that consistently attract interest: Downtown Dubai : Known for the Burj Khalifa and Dubai Mall, it's a premium location with strong rental yields. : Known for the Burj Khalifa and Dubai Mall, it's a premium location with strong rental yields. Dubai Marina : A popular choice among expatriates, offering waterfront living with a vibrant social scene. : A popular choice among expatriates, offering waterfront living with a vibrant social scene. Business Bay : A growing commercial and residential district with high potential for appreciation. : A growing commercial and residential district with high potential for appreciation. Jumeirah Village Circle (JVC): More affordable, appealing to mid-range investors looking for long-term gains. Choosing among the best properties to invest in Dubai depends largely on your priorities—whether it's capital appreciation, rental yield, or lifestyle perks. But it's not all about investment value—the reality is that Dubai is also a global lifestyle destination. An unrivaled lifestyle filled with sunshine year-round, world-class infrastructure, and a cosmopolitan culture make Dubai desirable and appealing to many—professionals, entrepreneurs and families. That desirability informs a strong rental market, particularly in good locations with high-quality amenities. As an investor you can take advantage of long-term leases and short-term rentals, particularly in tourism-heavy areas. Understanding the demographics of your tenants and seasonal variation in demand will significantly inform your returns. Non-residents can obtain mortgages through local banks, usually requiring a down payment of 20-25% for expats. The interest rates will vary depending on the lender, type of property and the applicants' profile. Among the top value proposition for investors in Dubai is the relatively, beneficial tax environment. There is no property tax, no capital gains tax and no personal income tax for rental income. There are transaction-related costs eg. registration fees, agent commissions, etc to consider. Investing in the Dubai property market is an exciting opportunity that can pay dividends if you plan accordingly and make informed decisions throughout the process. What will you focus on – legality, financing, target areas, rental management – a comprehensive task, but there is much to gain. Whether you are a first-time investor or building a portfolio of properties around the world, collaborating with a reputable property consultant in Dubai will ensure you are using expert knowledge and framework-oriented advice for your investing journey. TIME BUSINESS NEWS
