How to find a good Property agent in Dubai?
Want to sell your property, how to become a broker and are you entitled for a rent decrease? Read on to find out more
Published: 16:29 January 26, 2017 Property Weekly
By Majdel Musa Gulf News
I want to sell my property. How do I go about finding a good agent in Dubai?
First and foremost, you should confirm that the listing broker is licensed by RERA. This can be done via the Dubai Land Department website (www.dubailand.gov.ae) under “Search for Approved Brokers”. The “Dubai Brokers” app is also available for download on mobile devices. Next, meet with the broker and ask to see recent listings, about their expertise in your area and how and where your property will be marketed. Also, don’t be afraid to ask for references from previous clients.
Can a company own a property in Dubai?
A company that is wholly (100 per cent) owned by GCC nationals or another GCC company, or a company listed on the GCC stock exchange (Public Joint Stock Company), may purchase property anywhere in Dubai. A company that is not wholly GGC-owned, or one that is registered in a UAE free zone, may own property in a designated (freehold) area. Offshore companies may only purchase property in a designated area by establishing a Jebel Ali Free Zone Authority (JAFZA) company, and purchasing the property through the Jafza company.
I have bought a property off plan, but I am not happy with the final product as it is different to what was stated in the Sales and Purchase Agreement (SPA). Do I have any right to cancel the agreement?
Under the Dubai off-plan property laws, a buyer has the right to file a claim for the cancellation of the SPA and a refund of the funds paid, if the developer unilaterally makes material changes to the specifications in the SPA. A civil lawsuit must be filed in either Dubai Courts or in an arbitration center, depending on the jurisdiction stated in the SPA. You should be aware that that legal proceedings can take several years, due to the various levels of appeals. There will also court fees and legal fees, some of which may not be reimbursed, even if you are the successful party. It is highly recommended that you consult with a law firm regarding these issues.
What is the difference between a lease and leasehold?
A lease is a possessory interest which gives the tenant the right to occupy and use the property for the duration of the lease agreement. An interest in a lease cannot be sold to another party, nor devised to heirs in a will. A leasehold is a type of ownership interest. In Dubai, the leasehold period ranges between more than 10 years to 99 years. In a leasehold, the interest may be sold to third parties or inherited by heirs, for the remaining balance of the leasehold period.
I would like to become a real estate broker. What is the process? Once I am licensed, can I be a freelancer and work for different real estate companies?
To become a real estate broker in Dubai, the first step is to obtain an employment visa through a real estate company. Then, you must register and attend the four-day Broker Training Course at Dubai Real Estate Institute (DREI), the educational arm of the Dubai Land Department. After the course, you must sit for the exam and pass with a minimum score of 85 per cent. Once the DREI certificate is received, a good conduct certificate must be obtained from Dubai Police. Your company can then apply for the broker ID through RERA. You cannot freelance between various real estate companies, as a broker must be sponsored through one real estate brokerage.
My lease is up for renewal. The Rera Calculator shows that rents went down in my area. Am I entitled to a decrease in rent from my landlord?
Dubai tenancy law has implemented a cap on the amount of rent increase a landlord can demand upon the renewal of a lease. If market conditions have changed and there is an overall decrease in rents in your area, then it is likely that your landlord will not be allowed to demand any additional rent. However, tenants do not have a legal right to a reduction in rent. This is where economics come into effect. If the landlord does not wish to negotiate a decrease in rent, and you find that it is worth the costs of moving, paying a broker’s commission and a security deposit, finding a new residence is something that you may want to consider.