The real estate market in UAE is said to be a very a prosperous smart investment for all investors. Demands on flat and real estate in general have increased in Abu Dhabi because of all the new jobs available to foreigners.
Despite both sale and rental prices in Abu Dhabi having experienced a small dip, the market still represents a rich ground for investors looking for strong returns.
With the continued investment in infrastructure, diversification of the economy and the nearing of Expo 2020 it is expected that the real estate market will boom in. The prices of flats are destined to rise due to the big expected increase on accommodation demand.
If you are an investor and you have the intention to set-up a real estate agency in Abu Dhabi, you have first to choose the location where you want to start this business. It is more convenient to open the company in Abu Dhabi free zones in case the properties are located outside the Emirates.
Free zones have been created in the past years to attract business makers and investors, thanks to exemption from import duties, no currency restrictions, no personal income taxes, no corporate taxation for 50 years, no personal income tax, and no bureaucratic red tape.
In the free zone, you can start a Holding Company for the sales and purchases of real estates or a Property Management Consultancy in case you want to be a real estate broker and manage the transactions between buyers and sellers.
If the properties are located in the Emirates, the company is to be set-up outside the free-zones and a UAE national sponsor will be needed. The registration can be completed online by submitting different documents required in order to receive an initial approval.
The trade name registered, must relate to the nature of the activity the business will undertake. After this approval, all the initial documents plus other ones shall be requested in order to receive the final approval from Department of Municipal Affairs in Abu Dhabi
In Abu Dhabi, it is now a requirement that property professionals undertake training and obtain a Government permit from the Department of Municipal Affairs.
The next step to take in order to start the business is to have a professional office provided with a land line telephone connection (not just a cell phone). These things, along with your real estate license through the Department of Municipal Affairs of Abu Dhabi, will help to establish your real estate company.
Another possible and convenient solution could be, at least at the beginning, the setting up of a real estate company in a free zone and follow up the trading promotion of any properties in the Emirates, taking into consideration that the contract finalisation will be carried out through a company registered in the Department of Municipal Affairs.Therefore, a suitable partner has to be found for a necessary support against a profit margin percentage.
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