The Dubai real estate market is a goldmine of opportunities. Whether you’re looking for your next major investment, the ideal family home, or to become a real estate agent, the possibilities are limitless. However, before you enter the market, you need become acquainted with several regularly used real estate phrases in Dubai. And we’re here to assist!
Here’s an useful glossary of significant residential and commercial real estate phrases in Dubai.
DUBAI REAL ESTATE TERMS - THE ORGANISATIONS AND SYSTEMS
This glossary of real estate words begins with an overview of the regulatory authorities and processes in charge of guaranteeing the smooth running of real estate enterprises. These agencies are also in charge of ensuring the legality of industry transactions.
DUBAI LAND DEPARTMENT (DLD)
The major regulating authority for real estate in Dubai is the Dubai Land Department (DLD). It is in charge of administering, supervising, and assuring safe and transparent real estate trade in Dubai. This government-run organization has been tasked with protecting the interests of investors, landlords, and renters by providing an appropriate regulatory framework, dispute resolution mechanism, and other essential customer services.
The Dubai Land Department is also the single authority in Dubai for legalizing the buying and selling of land and property.
REAL ESTATE REGULATORY AGENCY (RERA)
The Real Estate Regulatory Agency, or RERA, is one of DLD’s regulatory wings that creates the rules and regulations for the Dubai real estate market.
These rules include everything from acquiring property and tenancy laws in Dubai to the legalization and registration of various real estate-related transactions in Dubai via various RERA forms.
RENTAL DISPUTES CENTRE (RDC)
In Dubai, where do you submit rental disputes? The solution is straightforward: at the Rental Disputes Centre. The RDC, which is housed at the Dubai Land Department building in Deira, assures the prompt and adequate settlement of rental disputes in Dubai and supports a healthy real estate market for landlords and renters alike.
The RDC resolves rental disputes or tenancy law infractions that the contracting parties cannot address on their own, making it a significant inclusion on our list of Dubai real estate terminology and meanings.
Makani is an Arabic term that means “my location.” So Makani is a smart navigation system that uses the “Makani number,” a unique 10-digit identification identifier, to identify every public area, building, and dwelling in Dubai.
This Dubai real estate jargon is more than just a phrase; it’s a whole geolocation software that allows you to exchange location information. It also includes an Emergency Location Reporting capability, which sends out distress signals in times of emergency.
Another Arabic real estate phrase in Dubai on our list that is especially crucial for aspiring real estate agents is rakheesi. The Trakheesi system in Dubai issues licenses and permissions to brokerage firms and real estate professionals.
This intelligent system is linked to property listing websites and the Dubai Economic Development (DED), giving users access to different databases for approvals, registrations, and records.
DUBAI REAL ESTATE TERMINOLOGY SPECIAL CONTRACTS AND SERVICES
In Dubai, several forms of real estate contracts and services have different local names.
Ejari is the most common real estate term in Dubai, whether you are a tenant or a landlord renting out property.
In Dubai, Ejari is a standardized method of establishing tenancy contracts. You must register Ejari in order to access a variety of key services in the city, including as obtaining a new DEWA connection, subscribing to internet and phone services, and even sponsoring dependents.
Oqood is the most essential phrase when it comes to residential and commercial real estate terminologies and meanings that expressly refer to off-plan properties.
Oqood, like Ejari, automates, records, and maintains Dubai’s off-plan property transactions and markets. This platform also provides a variety of additional services to real estate developers in order to keep their off-plan developments transparent.
Musataha is a real estate contract in Dubai and the UAE that allows you to lease land from owners for up to 50 years and build a property or use it for any other legal purpose.
Any development on Musataha-obtained land functions similarly to leasehold ownership. When the lease expires, the builders’ entitlement to the land and property terminates. A lease period is the time frame in which the lease must be repaid.
OTHER DUBAI RESIDENTIAL AND COMMERCIAL REAL ESTATE TERMS AND DEFINITIONS
Other essential real estate terminology in Dubai that you likely come across include:
In Dubai, freehold ownership allows the buyer to complete legal rights until they decide to sell the property to someone else. Freehold properties are only accessible in specific locations of Dubai and can be acquired by foreigners wishing to invest in real estate.
Buyers with leasehold property ownership can use and live in the home for a certain period of time. In Dubai, the typical leasehold period is 99 years, which can be extended.
The major distinction between freehold and leasehold land is that leasehold property does not give the buyer complete ownership.
The built-up area, or BUA, is the overall building area on the property. It is the gross floor space of a building or multiple-story structure.
For example, a property’s construction footprint is 10,000 square feet, and the structure has four levels. It would have a BUA of 40,000 sq.ft.
Power of Attorney, often known as a POA, provides the legal appointment of someone to work on behalf of the issuer (of the POA) in the event of his or her absence. The appointee has the authority to make decisions and sign legally enforceable papers. A valid notarisation and attestations are required by law for a POA.
The Dubai Land Department recognizes and registers a Title Deed. This document serves as proof of ownership and registers a specific property with the authorities of the emirates.