How to Be a Licensed Real Estate Consultant in Dubai
How to Be a Licensed Real Estate Consultant in Dubai
In recent developments at the RERA, licenses are being issued to about twenty categories of real estate professionals including that for a real estate consultant in Dubai. Local, non-local, and expatriates are eligible to apply for and practice as a real estate consultant provided they fulfill the eligibility laid down by the RERA and obtain the relevant license.
The Practice of a Real Estate Consultant in Dubai
The practice of a real estate consultant in Dubai falls under Activity No. 741404 of the government and the license type is that for a professional. Real estate consultancy is defined as an activity that includes running offices that offer real estate consultancy for money. Such consultancy is recognized as relevant to data, information and prices of all types of real estates. The services of a real estate consultant is distinct from that of a registered broker and do not include facilitating contacts between parties or engaging directly in selling and buying procedures.
Eligibility Requirements for a Real Estate Consultant in Dubai
The following are the requirements that need to be met by UAE or GCC nationals in order to obtain the license of a real estate consultant:
Bachelor's Degree in Business Administration, Real Estate, or Finance
Certificate of Real Estate practitioner course
Minimum 3 years experience in the real estate field
The following are the requirements for expatriates to obtain a license for practicing as a real estate consultant :
Bachelor's Degree in Business Administration, Real Estate, or Finance
Certificate of Real Estate practitioner course
Minimum 5 years of experience in the real estate industry
Must be sponsored under this license
Eligibility Requirements for Branch of a Foreign Company
The eligibility requirements for the branch of a foreign company to obtain the license for a real estate consultant in Dubai are as follows:
Copy of the license or copy of commercial registration
Parent company must be in business for at least two years
Copy of the memorandum and/or article of association of the company
Authorization letter from parent company to open branch office in Dubai and to appoint branch manager
The branch manager must fulfill above mentioned conditions
Local services agent is required
The activity of the parent company must be similar to that of the branch
All documents should be notarized by the UAE Embassy overseas, Ministry of Foreign Affairs in Dubai and should be translated in to Arabic
So, even if you do not qualify to be a registered broker, it is still possible to practice as a real estate consultant in Dubai by fulfilling the requirements of the authority. The recent categorizations of real estate professionals by RERA and granting of licenses particular to the nature of the profession would help in strengthening the real estate industry and enable the influx of varied talent in the market.
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