Dubai’s real estate market is the most dynamic and great- expanding market nowadays.
People have a great dream to invest here. The country is a fast-paced, technologically advanced destination. Rising popularity amongst foreigners in terms of investment and tourism is an excellent feature of RERA. If you are interested in investing in real estate work, you can be familiar with it.
They help you know the different types of technology with these real estate buzzwords.
These real estate companies expand their work at a top level every day. This is because so many people always try to be a member of this real estate company.
Dubai companies also create a significant impact regarding investment etc.
Some Silent Features are here.
*Ensure sale of plot, apartment or building or sale of real estate project, in an efficient and transparent manner.
*Establish the real estate regulatory authority for the regulation and promotion of the real estate sector.
10 Most Common Dubai Real Estate Buzzwords You Need To Know
Below are the buzzwords you always need to know:
Those properties whose construction is yet to begin and are in the early stages of construction by the developer. Dubai has a massive market for off-properties. In a rapidly-rising market, a buyer may even be able to sell the contract, meaning they have the potential to earn a profit on the property before it is completed.
Oqood is a term you must know if you intend to invest in an off-plan property in the Dubai real estate market. It is an online platform that works under the Dubai land department. It is used by real estate developers to register their projects with the DLD.
DEWA stands for Dubai electricity and water authority. This authority holds the responsibility for the distribution of the two major utilities. Example water, electricity. Every housing unit under the real estate uses DEWA for water and electricity. They are allotted a Dewa registration number for this purpose.
The literal meaning of such a word is “my location”. Makani is the 10 digit unit number that every building located in the emirate is allotted. Therefore, you can find any building here with the help of the Makani number.
It is a type of ownership that requires a proper agreement that creates a deed.
Before starting such a deed, you must clear all such related things.
FORM ”A” and “B”
These are two different forms. Both these forms are mandated by RERA and contractually bind the parties (seller, agent and buyer).
The form is signed between the buyer and agent.
Form B works the same way, but it is signed between the seller and agent.
An escrow account acts as a third-party funding medium. The way it works is that the merchant receives access to the transferred money (by the buyer).once an escrow agreement has been fulfilled.
POST-HANDOVER PAYMENT PLAN
The payment is made by completion of the building and keys handed over to the owners.
It is an Arabic word that means “my rent”. It is an electronic online regulation system to document all rental transactions and register every tenancy contract in Dubai.
Part of the Dubai land Department, RERA is the real estate regulatory agency. RERA makes and implements the policies and plans that govern the real estate market in Dubai, especially to uplift foreign investments in the emirate. Also, RERA is responsible for settling disputes between tenants and landlords.7396746725
RERA has affected the overall potential growth of the sector due to the absence of professionalism and standardisation. One of the key benefits of RERAis that builders cannot charge homebuyers for both the built-up area. Registration is compulsory under RERA.
So RERA is a great way which help our country boost the economy. This is because a lot of people collaborate their business in RERA.