Real estate market in Dubai is the most dynamic and constantly changing market. Investing here is a dream for many! The country is a fast-growing, high-tech tourist destination that is becoming increasingly popular with foreigners for both investment and tourism. If you want to invest in real estate in Dubai, there are many Most Common Dubai Real Estate Buzzwords that you should know. These words are commonly used in the market and are essential if you want to invest.They are the key to understanding many legal terminologies.
10 Most Common Dubai Real Estate Buzzwords
If you wish to invest in the Dubai Real Estate market, you need to become acquainted with a number of keywords. These terms are often used in the market and are vital to understand if you plan to invest. They will also assist you in understanding a variety of legal jargon.
Let’s look at the ten most significant keywords in the Dubai real estate market:
1. Off-Plan Property
Off-plan properties are ones whose construction has not yet started or is just just getting started by the developer. The market for off-plan houses in Dubai is enormous. These are well-liked since they give customers fantastic payment options and rewards.
2. Oqood
It is a web-based platform that operates under the DLD. (Dubai Land Department). If you are interested in investing money in Off-Plan homes in Dubai, then Oqood is a popular technique in Dubai Real Estate.
The DLD is where real estate developers register their projects. (Dubai Land Department).
This platform is critical for investors because when they sign a contract to purchase an off-plan property, it gets registered on Oqood.
3. DEWA
Dubai Electricity and Water Authority is known as DEWA. As its name suggests, this organisation is in charge of distributing water and electricity, two essential services, across the emirate. To get 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.
4. Makani
This Arabic term translates literally as “my location.” Makani is a 10-digit unique number assigned to each building in the emirate. Using the Makani number, you may find any building on the portal makani.ae.
5.Title Deed
It is a legal document that proves who is the rightful owner of the land. As a result, it’s crucial that you request it at the time of contract signing.
6.Form ‘A’ & ‘B’
These are two distinct types. Both of these forms are required by RERA and bind the parties contractually.( seller, agent & buyer ).
Form ‘A’ is signed by the buyer and the agency. It emphasises the agent’s accountability in addition to deciding on the working terms and conditions between them. This is why, when employing an agent, the form ‘A’ must be signed.
Form B functions similarly, but it is signed by the seller and agent.
7. Escrow Account
Before anyone starts a brand-new home project, an escrow account must be created. It serves as a finance intermediary between the buyer and seller.
The transferred funds will become available to the merchant after the terms of the escrow agreement have been met. Furthermore, the customer receives a return of the money he paid if the merchant breaks the terms of the agreement.
8. Post-Handover Payment Plan
The Post-Handover Payment Plan refers to the payment made after the building is completed and the keys are turned over to the owners.
9.Ejari
This Arabic phrase, which means “My Rent,” is used. a computerised registration of every renter in the Emirates, as well as a mechanism for recording all rental transactions between owner and tenant.
10.RERA
As part of the Dubai Land Authority, RERA is the real estate regulator. RERA develops and implements policies and plans that govern the real estate market in Dubai, especially to stimulate foreign investment in the emirate. In addition, RERA is responsible for resolving disputes between tenants and landlords.
So as you can see, here are some common buzzwords in the Dubai property market. If you are looking to invest in Dubai, ideally find a good and reliable agent to help you navigate the market.Then you won’t have to worry about those and you can just ask your agent. Get your agent in Provident. We are your one-stop shop for all things real estate and a transparent, trusted name in the marketplace!
