UAE EMIRATE BANS FOREIGN ESTATE AGENTS FROM RUNNING AN AGENCY

Only UAE and GCC nationals will be allowed to hold a license for real estate offices in the UAE Emirate of Ras Al Khaimah, according to a new law enacted by Sheikh Saud bin Saqr Al Qasimi, crown prince and deputy ruler of the Emirate.

Citing resolution number 32 for 2008 on executive regulations of real estate agencies, Al Qasimi said: “The license holder should run the business by himself or by a kin or a partner. He is not allowed to lease the license to any other person.”

A banking guarantee worth AED300,000 (€60,000) will be required if the office’s scope of business includes selling, buying and brokerage of land and property.

If an office leases land and properties, the banking guarantee will be AED100,000 (€20,000), while if an agency performs both the functions above, it will be required to deposit a guarantee of AED400,000 (€80,000).

The law also sets the percentage of commission these offices should get in return of their services, terms and conditions of licensing real estate offices, their responsibilities and duties as well as legal liability. Source: OPP

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