By 1998, Dubai has begun to permit foreign investors to purchase 99-year leases on properties, allowing the real estate sector to flourish.
In 2002, a change was made to the law allowing non-nationals of the UAE to own property. Expats were allowed to own properties in the UAE for the first time.
Contrary to popular belief, Dubai’s economy is not only an oil-based economy. In fact, Dubai has focused its economy on tourism by building hotels and developing real estate. This city drives its major income from real estate, tourism, and financial services. In 2019, the contribution of the travel and tourism sector to the UAE’s GDP was nearly AED 180.4 billion which is equivalent to 11.6% of the total GDP as per the United Arab Emirates economy website. Dubai welcomed 15.93 million visitors in 2018. retaining its ranking as the fourth most popular destination globally.
However, if you are going to buy a property in Dubai, we have brought for you key terms. You are going to hear a lot
- Title Deed
What is Real Estate Reguloatry Agency (RERA)?
Real Estate Regulatry Agency was established in 2007, launched by H.H Sheikh Mohammed Bin Rashid AlMaktoum, the Ruler of Dubai, and the Vice President and Prime Minister of the United Arab Emirates. RERA was created to regulate the real estate sector of the UAE. It sets policies to manage Dubai’s property sector and handle the relationship between the parties.
RERA is a common term in Dubai you need to know as its the regulatory arm of the Dubai Land Department (DLD), and it offers a clear, transparent and legal framework connected to everyone related to the real estate sector of Dubai. One of the major responsibilities of RERA is to license real estate activities and agents in Dubai.
RERA has three important forms, including an agreement between the listing agent and seller, an agreement between property buyer and agent, property buyer and seller.
What is Dubai Land Department (DLD)?
Was found in 1960, to handle all matters related to the legalization of real estate transactions in the Emirate of Dubai.
In 2013, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Law No. (7) 2013 defining the Dubai Land Department’s objectives as the government entity responsible for the registration, organization, and promotion of real estate investments in Dubai. The Law aims to provide an attractive environment for investments by implementing international standards to enhance the development and growth of this vital sector given its prominent position to the local economy.
DLD falls under the Executive Council of Dubai’s umbrella, headed by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and strives to provide a range of real-estate-related services. The most prominent of these services are documenting property sales and purchases, issuing real estate ownership, organizing and promoting investments, and spreading knowledge and culture pertaining to a well-trained and qualified national cadre in the real estate sector.
DLD seeks to transform Dubai into the number one real estate destination in the world in terms of innovation, trust, and happiness.
The department strives to provide the best services to its clients and to facilitate customers’ transactions.
What is Dubai Electricity and Water Authority (DEWA)?
DEWA is a public service infrastructure was founded in 1992, by H.H Maktoum Bin Rashid AlMaktoum, to exclusively provide the electricity and water service in Dubai as part of the government of Dubai.
DEWA provides its services for consumers, builders, partners and suppliers.
Handling the Water and Electricity supply in Dubai, DEWA also founded DEWA Academy to localize technical jobs to all DEW departments. The course includes two years education and the student receives a diploma degree from the Business and Technical Education Council (BTEC) in the UK. In addition, students can apply for scholarships.
What is Title Deed?
Is a proof regulated document of ownership of your property registered at the Dubai Land Dpt. (DLD). So, if you own a property in Dubai, a Title Deed should be in your hand. If you have a mortgage on the property, the original Title Deed will be with the bank as security until the mortgage has been fully repaid.
So, if you are planning to sell your property soon or not, we recommend you to download the digital copy of your Title Deed directly from the DLD system by using the REST App.
What is EMPOWER?
Empower is a joint venture between Dubai Electricity and Water and Dubai Holding subsidiary Tecom Group that was launched in 2003 by a Royal Decree to provide cooling service and solutions for Dubai’s real estate developments.