As Dubai’s real estate sector continues to experience explosive growth, there are plenty of opportunities for real estate agents in Dubai; agencies are popping up at an alarming rate throughout the emirate. Real estate agents play an important role in bringing together buyers and sellers in the industry. However, with the huge number of real estate agents waiting to offer you a ‘deal’, it is crucial to opt for reputable and experienced agents who have some ethical standards when doing business.
In the beginning of 2007, His Highness Sheikh Mohammed bin Rashed Al Maktoum, the ruler of Dubai and the Vice President of the UAE issued a new law to regulate the unchecked growth of real estate agents in Dubai. Under this law, RERA (Real Estate Regulatory Agency) was established as an extension of the Dubai Land Department. Its primary role was to oversee the real estate sector, formulate strategies and manage and regulate the activities of brokers and companies that manage residential compounds. RERA was also responsible for lease contract registrations and certification as well as issuing licenses for real estate agencies.
In the coming years, RERA also aims to regulate the number of real estate brokerage firms in the emirate by introducing stricter licensing exams that require a higher pass mark for license renewals, limiting the number of agents a company can hire in their first year and monitoring the performances of agents who have not completed a transaction in over a year. The intention is to streamline the sector to enhance services offered and to ensure that anyone operating without a license finds it impossible to do business in the city.
Despite RERA’s best efforts, there are still hundreds of agents who operate independently without authority and without any official documentation. Such agents should be reported to RERA. When buying or leasing through a real estate broker beware of frauds and scams, which, unfortunately are not uncommon. A few precautions to follow are:
If a deal sounds too good to be true, more often than not it will be.
Avoid dealing with brokers who do not have RERA certification or a trade license.
Property agents who do not have a land line number and a physical office address should be treated with caution. Although having these is no guarantee that you are dealing with someone reputable, a lack of them is a sure sign of trouble.
Some of Dubai’s more reputable and well established real estate brokerage companies are listed below.
Established as a small business in 1986, Better Homes is one of the older, more established brokerage companies in Dubai, employing over 500 staff who make it their business to unite buyers and sellers of property. With over 25 years of experience in the UAE real estate market, agents are well equipped to negotiate and to procure competitive prices for their clients. Better Homes also has an extensive portfolio of properties all over the emirate and can pretty much guarantee that you will find something to suit your specific requirements.
Ocean View Real Estate
Priding themselves on being familiar with the ins and outs of the local market, Ocean View’s qualified team of agents are trained and committed to providing their clients with a professional service, financial solutions and legal advice on the real estate market in the emirate. Whether you are looking to rent, buy or looking for a buyer for your home, Ocean View promises to provide their clients with the most efficient and cost-effective service.
A wholly owned subsidiary of Emaar properties, Hamptons International boasts an extensive portfolio of properties in the UAE as well as internationally in over 15 countries across the globe. Within the UAE, they offer full spectrum services including residential and commercial properties for lease and purchase. Their staff prides themselves on professionalism, courtesy, transparency in all transactions and ethics in their business dealings.
Al Habtoor Properties LLC
Started by one of Dubai’s oldest families, Al Habtoor started doing business in 2008, with its primary purpose being to service the parent companies residential properties and to be the premier go-to agency for the leasing of its towers. Today, it has expanded to include a large client base, striving to provide excellent service and building long-term relationships with their clients.
Conceived by John O’Kelly in 2005, in response to a dearth of honest real estate services, PowerHouse has a come a long way from its humble beginnings in a small office space with two employees. Riding the real estate boom, the company has expanded into one of Dubai’s most respected and dynamic real estate brokerage firms. Use the website’s search tool to find a comprehensive list of homes to rent or buy all over Dubai.
Priding themselves on customer satisfaction above all else, Provident real estate provides its customers with a wide variety of properties for sale and lease including villas, apartments, townhouses, penthouses, duplexes and office and retail spaces in various locations across the emirate.
Key One Properties
Based in Dubai, Key One offers its clients the opportunity to invest in one of the most dynamic and fast paced real estate markets in the world. With a focus on the sale and lease of quality properties across the emirate, they provide both long term and short term rentals and hold many open houses to invite clients to view available properties in their quest for their dream home.