Know The Common Dubai Real Estate Terminologies

Common Dubai Real Estate Terminologies You Must Know

The Dubai real estate market offers a wealth of opportunities. The choices are unlimited, whether you’re looking for your next significant investment, the ideal family home, or wish to work as a real estate salesperson. But before you enter the field, it’s crucial to become familiar with some of the lingo used in real estate terms in Dubai. And we’re ready to assist!

The key residential and commercial real estate terms in Dubai are conveniently listed below.

Real Estate Terminology in Dubai – Organizations and Systems

An explanation of the regulatory agencies and procedures in charge of making sure real estate enterprises run smoothly serves as the introduction to this glossary of real estate words. These agencies are also in charge of monitoring the legitimacy of business dealings in the sector.

  • Dubai Land Department (DLD)

In Dubai, the primary regulatory organisation for real estate is the Dubai Land Department (DLD). It is in charge of overseeing, supervising, and assuring safe and open real estate trading in Dubai. By offering a suitable regulatory framework, a dispute resolution mechanism, and other pertinent customer services, this government-run organisation is charged with protecting the interests of investors, landlords, and renters.

  • Real Estate Regulatory Authority (RERA)

Real Estate Regulatory Authority in Dubai
Credits : Dubizzle

The Real Estate Regulatory Agency, or RERA Dubai, 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 legalisation and registration of several real estate-related transactions using various RERA forms.

  • The Rental Disputes Center (RDC)

The RDC, which is housed in the Dubai Land Department building in Deira, guarantees prompt and adequate settlement of rental disputes in Dubai and supports a thriving real estate market for both landlords and tenants. The RDC is an important inclusion in our collection of terminology and real estate terms in Dubai since it resolves rental disputes or tenancy law violations that the contracting parties cannot address on their own.

  • Makani

Makani, an Arabic term, means ‘my location.’ Makani is a digital navigation system that uses the ‘Makani number,’ a special 10-digit identification code, to identify every public space, building, and dwelling in Dubai.

  • Al Sa’Fat

You should also be familiar with the term ‘Al Safat’ in the context of Dubai real estate, particularly if you work in the building industry. Al Sa’fat, also referred to as the Dubai Green Building System, oversees and encourages sustainable construction in the UAE.

  • Trakheesi

Another Arabic phrase for real estate that is crucial for budding real estate agents is Trakheesi, which is used in Dubai. Brokerage companies and real estate agents in Dubai are granted licences and permissions through the Trakheesi system.

Dubai Real Estate Terminology Ejari : Special Contracts and Services

Ejari is undoubtedly the most frequent real estate terms in Dubai you’ll hear in Dubai, whether you’re a renter or an owner renting out property. The manner in which tenancy agreements are registered in Dubai is standardised and called Ejari. To be eligible for a number of necessary services in the city, such as obtaining a new Dubai electricity and water authority connection, signing up for phone and internet service, and even sponsoring your dependents, you must register as an Ejari.

  • Oqood

Oqood is the most significant term when studying commercial and residential real estate terminologies and terms that specifically refer to off-plan properties. Oqood automates, registers, and maintains the off-plan real estate transactions and markets in Dubai, much like Ejari system does. To ensure transparency in the management of their off-plan developments, this platform also provides real estate developers with a variety of other services.

  • Musataha

In Dubai and the United Arab Emirates, a real estate agreement called a ‘Musataha’ enables you to lease the land from the owner and use it for up to 50 years to build a house or for any other permissible purpose. Any building done on property acquired through the Musataha functions similarly to leasehold ownership. When the lease expires, the builders’ rights to the land and possessions are lost. The length of time that the lease must be repaid is referred to as the lease period.

Commercial and Residential Real Estate Terms in Dubai

  • Freehold

Freehold property in dubai
Credits : Metropolitan

In Dubai, a buyer who purchases a freehold property has complete legal rights up to the time they choose to sell it to another person. Foreigners wishing to make a real estate investment can buy properties in Dubai classified as freehold, but only in specific regions of Dubai.

  • Leasehold

Purchasers are permitted to use and occupy a leasehold property for a set period of time. In Dubai, a 99-year initial leasehold term may be extended.

  • BUA

The whole area under construction on the property is referred to as the BUA. It is the gross floor area in terms of a building or multi-story construction.

  • Saleable Area

The saleable area is the next definition in our glossary of real estate words in Dubai. The phrase refers to the property’s total square footage of gross floor area. Lifts, hallways, foyers, and stairs are examples of common or shared areas that are not included in the saleable area.

  • SPA

A sales and purchase agreement, or SPA, is one of the most commonly used words in Dubai’s real estate market. The SPA is a binding agreement between the purchaser and seller that outlines the terms and conditions of the sale.

  • POA

The legal appointment of a representative to act on behalf of the person who issues the POA in the event of the issuer’s absence is made possible by a power of attorney, or POA. Any judgments made by the appointee are binding, as are any documents that they sign. A POA is required by law to have proper notarizations and attestations.

  • Title Deed

The Dubai Land Department accepts and registers title deeds. This document serves as ownership documentation and registers a specific piece of property with the relevant emirate authorities.

  • Form ‘A’ & ‘B’

There are two distinct types here. Both of these documents are required by RERA and bind the parties contractually. The buyer and the agent both sign Form ‘A’. It not only establishes the working circumstances between them but also emphasises 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.

  • Escrow Account

Escrow accounts serve as a kind of third-party funding. The way it operates is that, after an escrow agreement has been completed, the merchant is given access to the transferred funds (by the buyer).

  • Post-Handover Payment Plan

The amount to be paid after the building is finished and the owners receive their keys is referred to as the ‘Post-Handover Payment Plan.’

  • Snags

Any issues that could arise in newly constructed homes.

  • Non-freehold property

Any property that is only permitted to purchase by citizens of the UAE or the GCC.

  • Furnished Accommodation

Furnished accommodations come with all necessary amenities.

  • Unfurnished Accommodation

A place to stay without furniture. There may or may not be kitchen appliances available.

  • Gated community

Residences in brand-new freehold projects that include 24-hour security and security gates.

  • Off-Plan Property

Off-plan properties are those whose construction has not yet started or is only just getting started by the developer. The industry for off-plan properties in Dubai is enormous. These are well-liked since they give customers fantastic payment options and rewards.

  • Completion Bond

A completion bond ensures that the constructor will complete his project for off-plan properties. A lender or a seller could be the insured party.

You May Also Read :

Steps To Property Handover Delay in Dubai

Property Handover Delay in Dubai

All About Future of Real Estate in Dubai

Future of Real Estate in Dubai

Advantage of Online SEWA

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Sargam Bhasin
Sargam Bhasin The S in her name stands for short, spirited, sweet and sports. She is someone with a scintillating personality. Strong at playing with words and even stronger while expressing them. As a firm believer in self-reliance she is a blend of sappy, saucy and whole lotta sassy.
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