The real estate market in the UAE is growing at a steady pace, and the future looks promising. In the third quarter of 2022, Abu Dhabi’s real estate market recorded a total of 4,441 transactions amounting to over AED 21.04 billion, according to the latest report published by the Department of Municipalities and Transport (DMT) in Abu Dhabi. Furthermore, the value of real estate sales in Dubai Emirate reached AED 70 billion, according to Dubai Land Department.
The real estate market in the emirates of Abu Dhabi and Dubai witnessed rapid growth in supply and demand, driven by several factors, which include the launch of mega-projects, supportive oil prices, the development of a strong legal system, and the launch of golden visa and long-term residency programs through property investment. This reflects the UAE’s efforts in developing policies and systems to drive economic growth, and highlights the country’s quality infrastructure and openness in business.
As the market continues to flourish and more investors begin to seek out opportunities in the UAE, the importance of transacting with credible real estate professionals has become increasingly relevant. ThinkProp Real Estate Training Institute is contributing to shaping the future of the real estate industry, through its commitment to share and enhance the knowledge for all real estate stakeholders to develop competent real estate professionals.
Importance of licensing:
Having licensed real estate professionals is key for building a successful real estate industry.
Despite the importance of dealing with licensed professionals to secure legal protection, many investors and contract parties are tempted to deal with unlicensed real estate individuals, often due to their cheaper and lower commission rates, or their inability to verify if a real estate practitioner is licensed or not, which makes them a victim to real estate risky transactions. Conducting transactions with unlicensed practitioners poses significant risks and dangers for the customer, including increased potential of fraudulent deals and extra charges and fees.
Unlicensed and uncertified real estate individuals have no professional affiliation or organisation, often making it difficult to locate them if a problem arises. They often do not adhere to proper moral and ethical standards. As they do not follow a code of conduct, there will be no consequences if they breach a contract, provide poor or invalid information, or act negligently. Investors cannot be protected if they deal with unlicensed real estate practitioners.
Enrolling in an authorised real estate training institute is vital for those who want to pursue a career in the real estate industry. It equips individuals with the necessary knowledge, skills, and resources to become successful professionals who comply with all the applicable regulations governing the industry. This is critical in creating a new generation of real estate experts who can navigate the intricacies of the industry, provide specialised guidance to clients, and maintain the highest standards of ethical conduct and professionalism. This, in turn, will help to instil confidence in consumers, promote transparency and accountability, and contribute to a more trustworthy and sustainable real estate industry.
Launched by ADRES in 2022, ThinkProp Real Estate Training Institute aims to create a knowledgeable and ethical professional body of real estate experts in line with the government’s vision to drive the growth of the property and real estate sector. The Institute strives to increase market transparency and trust, provide unified real estate knowledge, and reinforce the governance of real estate professions.
