The real estate sector in Dubai is a dynamic and lucrative industry. The government has implemented various initiatives to stimulate population growth in Dubai, attracting a constant influx of people. Dubai City Master Plan 2040 offers smart investment opportunities during the construction phase. The value of real estate transactions in Dubai in the first 6 months of 2023, according to the Land Department, was $77 billion. At the beginning of 2023, the Dubai Land Department issued 4,416 real estate licenses, reflecting the growing demand for real estate in the UAE. In this article, we will look at what is important to consider when starting a real estate business in the UAE.

1. Market Research: Research the local real estate market. Dubai's real estate sector includes residential and commercial properties. Determine your niche and target audience. Between January and June 2023, 9 real estate projects were completed in Dubai with a total value of $1.1 billion. The top 10 areas in Dubai for off-plan property buyers in June 2023 included: Dubai Marina, Jumeirah Village Circle, Dubai Hills, Palm Jumeirah, Dubai Harbour, Dubai Creek Harbour, Burj Khalifa, Um Suqeim 3 and Dubai Design District and Jumeirah Lake Towers. Dubai also has a record high level of residential property sustainability, reaching 97%, indicating strong rental demand.

2. Business structure and license: Determine your business structure, type of activity, location of your office and obtain the necessary licenses. This could be a brokerage for sale and purchase of real estate license, a brokerage for renting real estate license, a real estate management license, a developer license, real estate consulting, etc. Depending on the type of activity chosen, the cost will change. Be aware of regulations as the real estate sector in Dubai is highly regulated and compliance is essential to avoid legal issues.

3. Networking: Create network contacts with property developers. Off-plan property sales have seen phenomenal growth in 2022, accounting for 55% of total sales volume and 56% of total sales value. In June 2023, property transactions worth approximately Dh30.41 billion were concluded, with off-plan properties accounting for more than 41% of the total transaction value. Networking is critical in the current real estate landscape and helps you gain relevant information and build partnerships with investors and real estate professionals.

4. Marketing and Advertising: The property market in Dubai has undergone significant changes over the past 15 years, reflecting the city's ambitious development into a global investment destination. With this growth, real estate marketing strategies have undergone significant changes, adapting to changing market dynamics and preferences. Develop a robust marketing and advertising situation. Use online platforms, social media and other channels to attract customers and slow down.

5. Customer Service: Provide exceptional customer service. In recent years investors have extensive knowledge in the real estate industry in the UAE, so reputation is vital and satisfied clients can look to referrals and long-term business relationships, both in the sale and rental of residential and commercial properties.

The real estate market in Dubai and the UAE is constantly evolving. Stay informed of market trends, regulatory changes and economic events that may impact the real estate industry. Remember that the real estate sector in Dubai can be competitive and challenging, but with the right planning and knowledge it can also be very profitable. Our specialists will advise you on the process of registering a real estate business, and will help you ensure that the process is effectively managed.

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