The RERA in Dubai also called the Real Estate Regulatory Authority is an essential part of UAE’s real estate framework. It essentially works under the Dubai Land Department to oversee the registration, sale and completion of real estate projects within the country. Investors need to be careful before they invest in properties as they are capital-intensive. However, making the right investment can also result in substantial monetary gains. So, in this article, we will take a look at a few pointers that investors need to keep in mind about the RERA in Dubai.
What constitutes Jointly Owned Property?
This is a type of real estate unit that is subdivided into units that are saleable and other common areas that are shared. For instance, while your apartment’s title area is a unit, the common area includes the facilities, such as swimming pools and corridors. Investors who buy such properties automatically become members of Owners Associations and will have to pay for the management of the property, while also complying with property rules.
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What rules does RERA in Dubai have for Brokers?
- As per RERA Bylaw 85, all real estate brokers in Dubai must register with the RERA in Dubai. They cannot engage in brokering, development and other real estate related activities unless they are recognized and registered under RERA.
- All investors must check whether their broker and developer are registered with RERA before engaging in any service with them. They may even ask to inspect the broker’s ID and the firm’s registration certificate.
- The investor must also see who serves as the authorized signatory of the firm and has the power to sign the brokerage agreements and read all the terms to ensure they receive a fair deal.
What is the Property Investor Visa?
The Property Investor Visa serves as a renewable three-year visa that property investors in Dubai can avail of to improve their investment portfolio. However, to be eligible, the property must have a value of over AED 1 million, and the investor cannot undertake any employment in Dubai through this Visa. Yet, these visas are very popular as they are one of the world’s cheapest available visas for real estate investors. Furthermore, the property must be owned entirely, and in case there is any mortgage, at least 50% must be paid. Also, the investor has to obtain a NOC from the bank, which has loaned them the money before applying for the Visa.
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Eligibility for 5-year Residence Visa
Expatriates older than 55 can obtain a residence Visa if they meet any of the following conditions;
- Own properties worth a minimum of AED 2 million, fully paid and without a mortgage
- Has at least AED 1 million in savings
- Has an active income worth over AED 20,000 every month
Documents Required
- Title Deed of the property
- Passport
- Old emirates ID
- Photograph
- Health Insurance
Fee Excluding Insurance
- Medial – 753.00 AED
- EID – 572.50 AED
- New Visa – 888.75 AED
- Management Fee – 100 AED
- Total Fee- 2314.25 AED
Eligibility for Retirement Visa in Dubai
- Property worth at least AED 5 million fully paid and without any mortgage
- Resides within the UAE
Documents Required
- Title Deed of the property
- Passport
- Old emirates ID
- Photograph
- Health Insurance
Fee Excluding Insurance
- Medial – 753.00 AED
- EID – 572.50 AED
- New Visa – 888.75 AED
- Management Fee – 100 AED
- Total Fee- 2314.25 AED
The process for obtaining both visas is the same. The applicant must first get a medical fitness test done. Then, they must freeze, cancel or hold their family visa and make the visa application. Once the application is approved, they will get their Visa stamped and also receive their Emirates ID for the next five years. Hence, investing RERA in Dubai can help with your visa issues as well.
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What Investors Need To Know About Wills
All investors need to consider having a will in place to ensure their successors don’t run into issues with property transfers. This is an integral part of property management under RERA in Dubai. Several expatriates who later become residents are unaware of the legal hassles that can hound individuals if they do not have a will in place for the property they have right on. As the UAE does not have any rule on survivorship, joint bank accounts will freeze if one of the partners passes away, making funds inaccessible. Hence, here’s a quick look at what qualifies as assets;
- Money In bank accounts
- End of Service Payments
- Gratuity Payment
- Death in Service benefit
- Investments
- Personal possessions
- Properties
Hence, expatriates and residents must notarize a will in front of a Notary Public. They also have the option of registering a will in their home-country regarding all their assets in the UAE if they do not wish to follow the Sharia-based laws.
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How KGRN Can Help
KGRN is one of Dubai’s top Chartered Accountancy, Auditing and Business Consultancy firms with decades’ worth of experience in real estate. Furthermore, KGRN’s chartered accountants and lawyers can help you analyze properties, consider RERA in Dubai to ensure that complete compliance is met. Also, our team can help with any sort of real estate dispute to ensure that you get the best deal possible. As a result, our team of experts will be able to guide you through the entire process and help you make the best decisions. So, what are you waiting for? With KGRN beside you, you no longer have to fear real-estate investments! So, let your investment portfolio reach the skies with a little help from KGRN, and our team of qualified professionals.
For enquires call @ +971 45 570 204 / Email Us : [email protected]
