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Dubai’s real estate market is the most dynamic and ever-expanding market. Investing here is a dream come true for many! The country is a fast-paced, technologically advanced destination with rising popularity amongst foreigners in terms of investment as well as tourism. If you are someone who is looking to invest in Dubai real estate market, there are many buzzwords you should get yourself familiar with. These words are very commonly used in the market and are a must-know if you are looking to invest. They are key to help you understand a lot of the legal terminologies here too.
Let’s take a look at the 10 most relevant buzzwords commonly used in Dubai’s real estate market:
Off-plan properties refer to those properties whose construction is yet to begin and/or are in the early stages of construction by the developer. Dubai has a massive market for Off-Plan properties. These are popular as they offer great payment plans and incentives to the buyers.
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 Dubai Land Department (DLD). It is used by real estate developers to register their projects with the DLD. Knowing about this platform is important since your contract for buying an off-plan property will be registered under Oqood.
DEWA stands for Dubai Electricity and Water Authority. As the name implies, this authority holds the responsibility of the distribution of two major utilities i.e. water and electricity, throughout the emirate. Every housing unit in Dubai needs a DEWA connection to get its supply of water and electricity. They are allotted a DEWA registration number for this purpose.
The literal translation of this Arabic word is ‘my location’. Makani is a 10-digit unique number that every building located in the emirate is allotted. You can find any building on the portal makani.ae by using the Makani number.
It is a legal document that serves as proof of ownership of a property. Therefore, it is important that you ask for it at the time of signing the contract.
These are two different forms. Both these forms are mandated by RERA and contractually bind the parties( seller, agent & buyer ).
The Form ‘A’ is signed between the buyer and agent. Apart from deciding on the working terms and conditions between them, it also highlights the accountability of the agent. This is why it is important to sign the form ‘A’ when hiring an 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 refers to the payment to be made after the completion of the building and keys handed over to the owners.
Ejari is an Arabic word meaning ‘my rent’. It is an electronic online regulation system to document all rental transactions & 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 boost foreign investments in the Emirate. Also, RERA is responsible for settling disputes between tenants and landlords.
Thus, as you can see, these are some of the popular buzzwords in Dubai’s real estate market. If you are looking to invest in Dubai, the ideal thing would be to find a good trustworthy agent to help you navigate the market. Then you will not have to worry about these things and can just ask your agent. Get your agent at Provident. We are your one-stop shop for all things real estate and a trustworthy & transparent name in the market!
For more information, get in touch with us at Provident