Dubai’s Real Estate Boom: Record-Breaking $3.5 Billion in Property Sales Within a Week! A total of 2,329 real estate transactions of more than 12.7 billion AED were completed in the week ending on September 15, 2023, according to data made public by the Dubai Land Department (DLD).
According to the DLD data, 1,780 flats and villas were bought for 3.94 billion AED, while 549 land parcels were sold for 4.25 billion AED.
The top three deals involved the sales of three different plots of land: one in Business Bay for 180 million AED, one in Marsa Dubai for 150 million AED, and one in Marsa Dubai for 622.91 million AED.
With 123 sales transactions totaling 527.18 million AED, Al Hebiah Fifth had the most sales transactions for the week. Madinat Al Mataar and Madinat Hind 4 came in second and third, respectively, with 113 transactions totaling 542.17 million AED and 111 transactions totaling 161.9 million AED.
The top three apartment and villa transfers for the week included the sale of an apartment in Al Thanayah Fourth for 64.5 million AED, an apartment in Palm Jumeirah for 75 million AED, and an apartment in Al Barsha First for 88 million AED.
For the week, mortgaged real estate had a total value of 3.88 billion AED. In the meantime, 165 homes worth a combined 670 million AED were given as gifts to first-degree relatives.
How to start real estate work in Dubai?
Becoming a real estate agent in Dubai, like in many other places, requires a combination of education, training, and licensing. Here are the steps to become a real estate agent in Dubai:
- Meet Eligibility Requirements:
- You must be at least 21 years old.
- You should have a valid residency visa in the United Arab Emirates (UAE).
- You need a high school diploma or its equivalent.
- Educational Qualifications:
- While a specific degree is not mandatory, having a background in business, finance, or a related field can be beneficial.
- You should complete a Real Estate Brokerage training program from a recognized institution. These programs typically last for several weeks and cover topics such as property laws, ethics, and real estate market knowledge.
- Apply for a Real Estate License:
- After completing the training program, you need to apply for a real estate license from the Dubai Land Department (DLD). You can do this through a registered real estate brokerage firm or as an individual.
- Join a Real Estate Brokerage:
- Most real estate agents in Dubai work for a registered brokerage firm. You can join one as an employee or start your own firm if you meet the necessary criteria.
- Register with RERA:
- The Real Estate Regulatory Agency (RERA) is the regulatory authority for real estate in Dubai. All real estate agents must register with RERA.
- Pass the Exam:
- You may be required to pass an exam conducted by RERA to demonstrate your knowledge of real estate laws and regulations in Dubai.
- Fulfill Continuing Education Requirements:
- Real estate agents in Dubai are required to participate in continuing education programs to stay updated on industry trends and regulations.
- Get a NOC (No Objection Certificate):
- If you are working for an employer and decide to switch to another brokerage or start your own, you may need a No Objection Certificate (NOC) from your current employer.
- Build Your Network:
- Building a strong network of clients, developers, and other real estate professionals is crucial for success in the industry.
- Stay Informed:
- Keep up-to-date with the real estate market in Dubai, as it can change rapidly. Understanding market trends and property values is vital.
- Ethical Practices:
- Maintain high ethical standards in all your dealings as real estate agents in Dubai are expected to adhere to a strict code of ethics.