This business activity has been removed from the ‘restricted list’ and will give the real estate sector’s dominant role in shaping the UAE’s economic and business activity, the decision is rated as one of the path-breaking ones, according to industry sources. UAE National partners will still need to be involved as ‘service agents’
In Dubai, while registration with RERA (Real Estate Regulatory Agency) is required, taking the RERA-sponsored examination is not compulsory for the business owner.
The UAE has also brought changes to its investor visa requirements on property assets, whereby an owner of a Dh750,000 property can get a three-year visa. Earlier, the requirement was Dh1 million for two years.
Opening up to full ownership
It was recently that the UAE – at the federal level and individual emirates – announced the number of business activities that could have foreign nationals own 100 percent shareholding in their enterprise and not have a UAE National partner hold a majority stake.
But property brokerage services remained in the ‘restricted’ category – that has changed now.
The Dubai Land Department and RERA provide the oversight of all brokerage firms in the UAE, requiring that strict standards of transparency are maintained. The brokers also need to adhere to certain minimum qualifications if they are to practice here.