In comparison to the rest of the world, Dubai real estate uses some unique terms for its properties and property-related sectors. The city is the ultimate choice for individuals and businesses across the world, owing to the great visa reforms and unmatched lifestyle the city has to offer. Not only that, but it is also the treasure of opportunities – so whether you wish to have the ideal family home, a strong investment, or a career as a property consultant, Dubai real estate has endless options for you to explore!

However, before you make a move, there are a few terms you need to know about since the industry functions a bit differently when compared to the rest of the world. Take a quick read to know more about the most used and common words in Dubai Property Market.

10 Terms to Know Before you Set your Foot in Real Estate in Dubai

1. DLD & RERA: The Most Important Terms in Dubai Real Estate

In Dubai, the primary regulatory organization for real estate is the Dubai Land Department (DLD). It is responsible for overseeing, supervising, and assuring safe and open real estate transactions in Dubai. By offering an appropriate regulatory framework, a method of dispute resolution, and other essential customer services, this government-run organization is charged with protecting the interests of investors, landlords, and tenants.

The only organization in Dubai with the capacity to formally sanction the purchase and sale of real estate is the Dubai Land Department. The Real Estate Regulatory Agency, or RERA, one of DLD’s regulatory branches, sets the guidelines for the Dubai real estate market. These rules cover everything from Dubai’s legislation on renting and buying property to the legalization and registration of various real estate-related transactions using various RERA forms.

2. Off-Plan Properties

Off-plan properties are those that have not yet started construction or are still in the planning stages, depending on the developer. Dubai off-plan properties are extremely popular and are well-liked since they provide excellent payment options and incentives to customers. Nearly all developers in Dubai offer off-plan properties across various promising locations & communities in the city.

3. Oqood

Oqood is the most crucial term when examining residential and commercial real estate terms and concepts that especially refer to off-plan developments. It automates, records, and maintains Dubai’s off-plan property transactions and markets, much like Ejari does. To ensure openness in the management of their off-plan developments, this platform also provides a variety of other services to real estate developers.

4. DEWA

Dubai Electricity and Water Authority are known as DEWA. As the name suggests, this organization oversees the distribution of water and electricity, two essential services, throughout the emirate. To receive its supply of water and power, every residential building in Dubai requires a DEWA connection. For this, a DEWA registration number is given to them.

5. Ejari

The most frequent real estate term you’ll encounter in Dubai, whether you’re a tenant or a landlord renting out a property, is Ejari. Ejari is a standardized method for recording tenancy agreements in Dubai. You must register with Ejari to use a number of important city services, including establishing a new DEWA connection, signing up for internet and phone services, and even sponsoring your dependents.

6. Form ‘A’ & ‘B’

There are two distinct types here. Both documents are required by RERA and bind the parties contractually (seller, agent, and buyer). The buyer and the agent both sign Form ‘A’. It not only establishes the working circumstances between them but also emphasizes the agent’s responsibility. For this reason, it’s crucial to sign Form ‘A’ when you hire an agent. The same principles apply to Form B, but it must be signed by the seller and the agent.

7. Sales & Purchase Agreement (SPA)

Sales and Purchase Agreement, or SPA, is one of the most often used words in the Dubai real estate market. The SPA is a binding agreement between the buyer and seller that outlines the terms and conditions of the sale. To safeguard the interests of the seller, a lawyer typically drafts the real estate SPA in Dubai. The buyer does have the option to negotiate over the terms and conditions, though.

8. Saleable Area

The term “saleable area” is the next in our glossary of real estate terminology used in Dubai. The phrase refers to the square footage of the property’s gross floor area. Common or communal areas like elevators, hallways, foyers, and staircases are not included in the saleable area.

9. Escrow

Escrow accounts serve as a third-party funding source. When an escrow agreement is completed, the merchant is given access to the transferred funds (by the buyer). All prominent developers in Dubai surely have an escrow account to receive money from sales.

10. Title Deed

The Dubai Land Department approves and records a title deed. In addition to registering a specific property with the emirates’ authorities, this document serves as proof of ownership.

Bottom Line: Different Dubai Real Estate Terms but the Highest Returns

Read about these Dubai real estate terms and you will find yourself understanding everything about properties in Dubai. The market may function a bit differently when compared to the rest of the world but has the strongest returns and the most promised growth. All in all, it is the ultimate destination in the world to invest in a property in – there’s no better lifestyle, no better safety, no better architecture, and no better dynamics!

You can also save yourself from the hassle of understanding the nitty-gritty of the market by choosing us! Planning to purchase a property in Dubai?

Hamptons International is an award-winning firm functioning in all major freehold communities in Dubai, offering a wide property portfolio to choose your dream home from. From the best vicinity for your children to a corporate office that’s strategically located to offer the utmost convenience, we boast a huge selection.

Get in touch, we’d be delighted to assist you! To know more, dial 800 HAMPTONS (42678667).

Thinking of joining our formidable and passionate team as a property consultant? Find out how we can help you here.

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