A treasure chest of possibilities is the Dubai real estate market. Whether you’re searching for the next major investment, the prospects are infinite, searching for the right family home or striving to become a real estate agent. Before you plan to buy your new home in Bulgari Residences Dubai, you must be familiar with certain words.
You must understand some of these terminologies before you begin working in the property market. This blog can help you out.
This blog discusses some of the most common real estate terminologies to help you understand better.
Real estate terms in Dubai
With the regulatory authorities and systems accountable for streamlined real estate companies’ operational activities and supervising the lawfulness of transactions in the industry, we begin this glossary of real estate terms.
Dubai Land Department (DLD)
Dubai Land Department is the main controlling authority for real estate.
The DLD is accountable for supervising, overlooking, and ensuring that real estate trading in Dubai is safe and transparent. It is responsible for ensuring that the interests of all the parties involved in the contract are protected. The government runs this entity.
Only the Dubai Land Department can lease land and property for sales or purchases in Dubai.
Real Estate Regulatory Agency (RERA)
Real Estate Regulatory Agency (RERA) is a regulatory department of DLD. It is responsible for developing the framework for real estate laws and regulations in Dubai.
These regulations involve everything from the buying in Dubai of property and tenancy laws to the legalisation and registration in Dubai of different real estate-related contracts through numerous RERA forms.
Retail Disputes Center (RDC)
In Dubai, where can you file rental disputes? At the Centre for Rental Disputes. It is located in the Dubai Land Department building. It is responsible for resolving Dubai’s rental disputes in order to promote a stable and beneficial market environment.
At the RDC, rental disputes or tenancy related offences that can not be assessed on their own by the parties to the contract are settled, making it an essential entry on their list of terms and definitions of Dubai real estate.
The Arabic word Makani means “my location.” Makani is a smart navigation system that uses a unique 10-digit identification code to identify every public place, building and house in Dubai using the “Makani number.”
In Dubai, this real estate lingo is not just a term; it’s a complete geolocation app that enables you to share location information. It also offers an Emergency Location Reporting feature, which can turn out to be really useful in cases of emergency.
Al Sa’fat is one of the most widely used terminologies in the Dubai real estate market, specifically in the construction industry. Al Sa’fat is also referred to as the Dubai Green Building System and governs and encourages sustainable urban development.
The requirements and criteria outlined under the Al Sa’fat scheme have been compulsory for all new building projects since March 2014. This system controls resource use and promotes the use of electricity from sustainable sources.
An Arabic synonym for real estate in Dubai is Trakheesi, which is extremely crucial for potential real estate brokers. The Trakheesi scheme requires brokerage companies and real estate practitioners to be accredited and accepted in Dubai.
This smart device is incorporated with the Dubai Economic Development (DED) and real estate listings portals, allowing access to various approval, registry and information databases.
Ejari in Dubai is the most popular real estate phrase you’ll find or hear, whether you are a tenant or a landlord occupying space.
In Dubai, Ejari is a simplified form of documenting lease contracts. To be eligible to use many vital services in the region, including having a DEWA link, subscription to internet and telecommunications services and even supporting your dependents, you have to register Ejari.
Oqood is the most relevant when searching for residential and commercial related concepts and meanings that explicitly refer to the off-plan property.
Oqood simplifies, tracks, and controls the off-plan property agreements and marketplace in Dubai, close to Ejari.
These are some of the most important terminologies that you must know when you plan to buy villa in Dubai. Get familiar with these terminologies and know all you need to before invest.