Dubai real estate is one of the rapidly growing markets in the world. Dubai is a modern, fast-paced place that is attaining popularity among foreigners for both tourism and investment. Many legal terminologies rely on these words to be understood. If you want to invest in Dubai real estate, you must be familiar with several terms.
These are some market terms that you must know before making investments in Dubai Real Estate.
Let's have a look at the ten most popular buzzwords in Dubai's real estate market:
Off-plan properties are ones whose construction has yet to commence and are in the early phases of development by the developer. Off-Plan houses have a considerable market in Dubai. These are popular because they provide excellent payment options and incentives to purchasers.
It’s a term intended to invest in an off-plan property in Dubai real estate. It is an online platform operated by the Dubai Land Department (DLD). Real estate developers utilise it to register their projects with the DLD. Understanding this platform is critical as your contract for acquiring an off-the-plan property will be documented with Oqood.
Real Estate Regulatory Agency(RERA) is also a part of Dubai Land Development. RERA creates and implements rules and plans to govern the Dubai real estate market to encourage international investment in the city-state. However, RERA also resolves landlord-tenant issues. These are the most commonly used buzzwords in the Dubai real estate industry. It is vital to engage a reputable agent to help you navigate the Dubai real estate market. Your agent will handle the details for you.
DEWA is an abbreviation for Dubai Electricity and Water Authority. As the name implies, his institution is in charge of distributing two major services, water and electricity, throughout the emirate. Every housing unit in Dubai requires a DEWA connection to receive water and electricity. DEWA registration numbers are provided for this purpose.
It’s the most prevalent real estate term in Dubai, whether you are a tenant or a landlord renting out property. It’s a standardised method of establishing tenancy contracts. A variety of key services in the city require registration, including getting a DEWA connection, subscribing to internet and phone services, and even sponsoring dependents.
Makani is an Arabic term that means "my location." 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 has an Emergency Location Reporting option that sends out distress signals in times of emergency. 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.
The Dubai Land Department recognises and registers a Title Deed. This document serves as proof of ownership and registers a specific property with the authorities of the emirates.
These forms are different. Both these forms are required by RERA to bind all parties contractually (seller, agent and buyer). Form 'A' is signed by both the buyer and the agency. The buyer and agent both sign form 'A.' It lays forth the parameters of their professional partnership. It is critical to sign form "A" when employing an agent. Form B is the same as Form A, except it is signed by the agent and the seller.
Escrow accounts serve as a third-party financing source. The merchant obtains access to the transmitted funds once an escrow arrangement is satisfied.
The Post-Handover Payment Plan refers to the payment made after the building has been completed and the keys have been turned over to the owners.
These are some of the most commonly used buzzwords in the Dubai real estate industry. If you want to invest in Dubai, the best thing you can do is locate a reliable agent to assist you to navigate the market. Then you won't have to worry about these issues. And to choose which property you want to invest in visit the official site of Gulf Realtor where you'll find all the latest ready-to-move projects and off-plan properties. We are your one-stop shop for all things real estate, as well as a reliable and honest name in the market!
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