UAE property glossary
89 terms you will meet between your first enquiry and collecting the keys.
A
- ADRECAbu Dhabi Real Estate Centre · Adrec
- ADREC is the Abu Dhabi Real Estate Centre, the government body that regulates the emirate's property market and oversees registration of sales.
- AMLAnti-money laundering · AML/CFT
- Anti-money laundering rules oblige UAE developers, brokers, banks and lawyers to verify who a buyer is and where the purchase money comes from.
- Assignment / resale before handoverOff-plan resale · Assignment of SPA
- An assignment is the sale of an off-plan purchase contract to a new buyer before the property is completed, with the developer's consent.
- AttestationLegalisation · Legalization
- Attestation is the chain of official stamps that makes a document issued abroad legally usable in the UAE, ending with the UAE Ministry of Foreign Affairs.
B
- Branded residenceBranded residences · Hotel-branded residence
- A branded residence is a home in a development that carries the name, design standards and services of a hotel, fashion or other consumer brand under licence.
- Broker card (BRN)BRN · Broker registration number
- A broker card is the registration RERA issues to each individual estate agent in Dubai; listings often show its number as the BRN, and it can be checked free with the Land Department.
- Broker commissionAgency fee · Agent's commission
- Broker commission is the fee paid to an estate agent for arranging a sale or letting; on a Dubai resale the buyer customarily pays 2% of the price plus VAT.
- BUA (built-up area) vs plotBUA · Built-up area
- Built-up area is the total floor space of the building itself across all levels; plot area is the size of the land it stands on.
- Buyer's agentBuyer's broker · Buying agent
- A buyer's agent is a licensed broker who acts for the purchaser rather than the seller: finding and assessing homes, negotiating and seeing the transfer through.
C
- Capital growthCapital appreciation · Price growth
- Capital growth is the rise in a property's value over time, as distinct from the rent it earns; with yield, it makes up the total return.
- Chiller fee / district coolingChiller charges · District cooling
- A chiller fee is the charge for air-conditioning supplied from a central or district cooling plant, billed separately from electricity in many UAE buildings.
- Completion certificateBuilding completion certificate · BCC
- A building completion certificate is the authority's confirmation that a building has been finished in line with its permit and is fit to be occupied.
D
- DARIDari platform · Dari app
- DARI is Abu Dhabi's official digital property platform, through which sales are registered, title deeds issued and documents and brokers verified.
- Defects liability periodDLP · Warranty period
- The defects liability period is the time after completion during which the developer must repair faults: in Dubai, one year for installations and ten for structure.
- DeveloperProperty developer · Real estate developer
- The developer is the company that acquires land, obtains approvals, builds a project and sells its homes; off-plan buyers contract with it directly.
- DEWADubai Electricity and Water Authority
- DEWA is Dubai's state-controlled electricity and water utility; every home needs an active DEWA account in the name of the owner or the tenant.
- DIFC willDIFC Courts Wills Service · DIFC Wills Service Centre
- A DIFC will is a will registered with the DIFC Courts in Dubai, letting non-Muslim owners decide who inherits their UAE property under English-style rules.
- DLDDubai Land Department · Land Department
- The Dubai Land Department is the government body that registers every property sale, mortgage and long lease in Dubai and issues title deeds.
- DLD transfer feeDLD fee · Transfer fee
- The DLD transfer fee is the 4% charge the Dubai Land Department levies on the price of every property sale in Dubai when it is registered.
- Dubai RESTDubai REST app · Real Estate Self Transaction
- Dubai REST is the Dubai Land Department's official app for checking ownership records, brokers and projects and for completing property services online.
E
- EIBOREmirates Interbank Offered Rate · EBOR
- EIBOR is the Emirates Interbank Offered Rate, the benchmark interest rate published daily by the UAE Central Bank, to which variable mortgage rates are linked.
- EjariEjari certificate · Tenancy contract registration
- Ejari is Dubai's mandatory online register of tenancy contracts, run by the Dubai Land Department; a lease is not fully enforceable until it is recorded there.
- EOIExpression of Interest · Pre-launch registration
- An Expression of Interest is a deposit paid before an off-plan launch to join the queue for units; it does not secure a specific home or price.
- Escrow accountProject escrow account · Trust account
- An escrow account is a regulated, project-specific bank account into which off-plan buyers' payments must go, released to the developer only as building progresses.
- Eviction notice (12 months)12-month notice · Twelve months' notice
- In Dubai a landlord can recover a let home at the end of the lease only for four reasons, with at least 12 months' notice served by notary public or registered mail.
F
- Family residence visaFamily sponsorship · Dependant visa
- A family residence visa lets a UAE resident sponsor a spouse, children and in some cases parents; property investors can sponsor family on the Golden Visa or Dubai's 2-year investor visa.
- FBARFinCEN Form 114 · Report of Foreign Bank and Financial Accounts
- The US report of foreign financial accounts, required when they total more than $10,000 at any time in a year. Dubai property held directly is not reported on it.
- Form AContract A · Seller-broker agreement
- Form A is RERA's standard listing agreement between a property seller and a Dubai broker, and the document a broker needs before advertising the property.
- Form BContract B · Buyer-broker agreement
- Form B is RERA's standard agreement between a property buyer and a Dubai broker, setting out what the buyer wants and the commission the broker will earn.
- FreeholdFreehold ownership · Designated area
- Freehold is outright ownership of a property with no time limit; foreign nationals can hold it only in areas each emirate has designated for foreign ownership.
G
- GCC nationals' ownership rightsGCC ownership · GCC citizens property rights
- UAE and GCC nationals, and companies wholly owned by them, may own property anywhere in Dubai; other foreigners may own only in the areas designated by the Ruler.
- GDRFAGeneral Directorate of Residency and Foreigners Affairs · General Directorate of Identity and Foreigners Affairs
- GDRFA is Dubai's immigration authority, which issues and renews residence visas in the emirate, including those linked to owning property.
- Golden VisaGolden Residence · 10-year visa
- The Golden Visa is a long-term, renewable UAE residence visa; property owners qualify by holding real estate worth at least AED 2 million.
- Gross yieldGross rental yield · Headline yield
- Gross yield is a property's annual rent divided by its price, shown as a percentage, before any costs, taxes or empty periods are deducted.
H
- HandoverCompletion · Delivery
- Handover is the point at which a finished off-plan home passes from the developer to the buyer, once the final instalment and handover fees are paid.
- Handover noticeCompletion notice · Notice of completion
- A handover notice is the developer's formal letter telling an off-plan buyer the home is complete and setting a deadline to pay the balance and take possession.
- Holiday home permit (DET)Holiday home licence · DET permit
- A holiday home permit is the licence from Dubai's Department of Economy and Tourism that a property must hold before it can be let to short-stay guests.
I
- ICPFederal Authority for Identity, Citizenship, Customs and Port Security · ICA
- The ICP is the UAE federal authority that issues Emirates ID cards nationwide and handles residence visas for every emirate except Dubai.
- Investment zone (Abu Dhabi)Investment area · Designated investment zone
- An investment zone is an area of Abu Dhabi designated by the government in which foreign nationals are permitted to own freehold property.
K
- KYCKnow Your Customer · Customer due diligence
- Know Your Customer is the identity and risk check a developer, broker or bank must complete on a buyer before accepting their money or instructions.
L
- LeaseholdLong leasehold · 99-year lease
- Leasehold is the right to hold a property for a fixed term, up to 99 years in Dubai, after which it returns to the freeholder unless the lease is renewed.
- Long-term leaseAnnual tenancy · Long-term rental
- A long-term lease normally means a standard residential tenancy of a year, registered with the authorities; in law it can also mean a lease of 10 to 99 years.
- LRSLiberalised Remittance Scheme · RBI LRS
- The Reserve Bank of India scheme that lets a resident individual send up to USD 250,000 abroad each financial year, including to buy property overseas.
- LTVLoan-to-value · Loan-to-value ratio
- Loan-to-value is the share of a property's value a bank will lend; UAE Central Bank rules cap it, and non-residents are usually offered less than the cap.
M
- MadhmounMadhmoun permit · Abu Dhabi listing permit
- Madhmoun is Abu Dhabi's verified listing system: every property advert in the emirate needs a Madhmoun permit issued under ADREC before it can be published.
- MakaniMakani number · مكاني
- A Makani number is the unique 10-digit code Dubai Municipality assigns to every building entrance, used as a precise address for navigation and services.
- Master communityMaster-planned community · Master development
- A master community is a large district planned and built as a whole by one master developer, containing many separate buildings, phases and shared amenities.
- Master developerMaster-developer · Community developer
- A master developer plans and builds the infrastructure of a whole community, then develops plots itself or sells them to other developers to build on.
- MollakMollak system · Mollak invoice
- Mollak is the Dubai Land Department's system for approving, invoicing and collecting service charges in jointly owned buildings and communities.
- Mortgage registrationMortgage registration fee · Mortgage contract registration
- Mortgage registration is the recording of a lender's charge against a property at the land department; in Dubai the fee is 0.25% of the loan amount.
- MOU / Form FMemorandum of Understanding · Contract F
- Form F is RERA's standard contract for a Dubai resale, commonly called the MOU: it fixes the price, deposit, transfer date and who pays which costs.
- MusatahaMusataha right · Right of superficies
- Musataha is a long-term right to build on and use land that belongs to someone else, granted for up to 50 years and renewable.
N
- Net yieldNet rental yield · Net return
- Net yield is annual rent minus all running costs and empty periods, divided by the full cost of buying the property, shown as a percentage.
- NOCNo Objection Certificate · Developer NOC
- A No Objection Certificate is the developer's written confirmation that it does not object to a property being sold, usually because all charges on it are paid.
- NotarisationNotarization · Notary public
- Notarisation is the formal witnessing of a signature or certification of a document by a notary public, required before many documents are accepted in the UAE.
O
- Off-planOff-plan property · Under-construction property
- Off-plan means buying a property from a developer before it is built or finished, paying in stages during construction against a registered contract.
- OqoodOqood certificate · Interim real estate register
- Oqood is the Dubai Land Department's interim register for off-plan sales: it records the buyer's rights during construction, before a title deed can be issued.
- ORN (office registration number)Office registration number · RERA ORN
- The ORN is the registration number of a licensed real estate brokerage office in Dubai, shown on its adverts and searchable on the Land Department's broker list.
- Owners' associationOwners association · OA
- An owners' association represents a building's unit owners in its management; in Dubai, formal associations were replaced in 2019 by advisory owners' committees.
P
- Payment planInstalment plan · Construction-linked payment plan
- A payment plan is the developer's schedule of instalments for an off-plan home, usually a deposit, stage payments during construction and a balance at handover.
- Post-handover payment planPHPP · Post-handover plan
- A post-handover payment plan lets an off-plan buyer take the keys and pay part of the price to the developer in instalments over the following years.
- Power of attorneyPOA · PoA
- A power of attorney is a notarised document authorising another person to sign and act for you in a UAE property transaction you cannot attend.
- Pre-approvalMortgage pre-approval · Approval in principle
- A mortgage pre-approval is a bank's written, conditional indication of how much it will lend you, issued before you have chosen a specific property.
- Price per square footPrice per sq ft · PSF
- Price per square foot is a property's price divided by its area in square feet, the standard measure for comparing values across the UAE market.
- Property investor visaTwo-year investor visa · 2-year property visa
- The property investor visa is a two-year renewable Dubai residence visa for owners of property in the emirate, issued by GDRFA through the Land Department.
R
- Rental indexRERA rental index · Smart Rental Index
- The rental index is the Dubai Land Department's official benchmark of market rents, used to decide whether and by how much a landlord may raise rent at renewal.
- RERAReal Estate Regulatory Agency
- RERA is the regulatory arm of the Dubai Land Department: it licenses brokers and developers and oversees escrow accounts, service charges and tenancy rules.
- Resale (secondary market)Secondary market · Secondary sale
- A resale is the purchase of a completed home from its current owner rather than from the developer; in Dubai it is contracted on Form F and transferred at a trustee office.
- Reservation fee / booking depositBooking deposit · Booking fee
- A reservation fee or booking deposit is the first payment made to a developer to take a specific off-plan unit off the market while the contract is prepared.
- ROIReturn on investment · Total return
- Return on investment is the total gain from a property, rental income plus any change in value, measured against the money the buyer actually put in.
S
- Schedule FASchedule Foreign Assets · Foreign assets schedule
- The part of an Indian income tax return where a resident lists assets held abroad, including property such as a Dubai apartment, every year they are owned.
- Service charge indexService Charge and Maintenance Index · RERA service charge index
- The service charge index is the Dubai Land Department's published record of the approved service charge rate, per square foot, for each registered building.
- Service chargesService fees · Maintenance fees
- Service charges are the annual fees every owner pays, per square foot, towards running, maintaining and insuring the shared parts of a building or community.
- Short-term rentalHoliday home · Holiday let
- A short-term rental is a furnished home let to visitors by the night or week under a tourism licence, in place of a standard annual tenancy.
- Sinking fundReserve fund · Capital replacement fund
- A sinking fund is the reserve a building's owners pay into each year to meet large, infrequent costs such as replacing lifts, chillers or the roof.
- SnaggingSnag list · Pre-handover inspection
- Snagging is the detailed inspection of a new home at handover to list defects and unfinished work for the developer to put right.
- Source of fundsSOF · Proof of funds
- Source of funds is the documentary evidence showing where the money for a specific purchase came from, such as savings, a property sale or an inheritance.
- SPASale and Purchase Agreement · Sales and purchase agreement
- The Sale and Purchase Agreement is the binding contract between an off-plan buyer and the developer, setting the price, payment schedule and completion date.
T
- T1135Form T1135 · Foreign Income Verification Statement
- The Canadian form for reporting specified foreign property costing more than CAD 100,000 in total at any time in the year. A rented Dubai home usually counts.
- TawtheeqTawtheeq certificate · Abu Dhabi tenancy registration
- Tawtheeq is Abu Dhabi's official system for registering residential and commercial tenancy contracts, the counterpart of Dubai's Ejari.
- TCSTax collected at source · TCS on foreign remittance
- Tax an Indian bank collects when you send money abroad under the LRS: nil up to ₹10 lakh a year, then 20% for purposes such as buying property, creditable against your income tax.
- Tenant depositSecurity deposit · Tenant security deposit
- A tenant deposit is a refundable sum the tenant pays the landlord at the start of a lease as security against damage and unpaid bills.
- Title deedTitle deed certificate · Mulkiya
- A title deed is the land registry's certificate of ownership for a completed property, issued by the Dubai Land Department or, in Abu Dhabi, through ADREC.
- Tourism DirhamTourism Dirham fee · Tourism fee
- The Tourism Dirham is a per-night fee collected from guests in Dubai hotels and holiday homes and paid over to the Department of Economy and Tourism.
- TrakheesiTrakheesi permit · Advertising permit
- Trakheesi is the Dubai Land Department system that issues the permit every property advert in Dubai must carry, shown as a permit number and QR code.
- Trustee officeReal Estate Registration Trustee · Registration trustee centre
- A trustee office is a private centre licensed by the Dubai Land Department where buyer and seller complete a resale transfer and the new title deed is issued.
U
- UsufructUsufruct right · Right of use
- Usufruct is the right to use, occupy and earn income from a property owned by someone else for a fixed term of up to 99 years.
V
- VacancyVoid period · Vacancy rate
- Vacancy is the time a rental property stands empty and earns nothing, expressed as weeks per year or as a percentage of potential rent.
- ValuationBank valuation · Property valuation
- A valuation is a professional assessment of a property's market value, most often commissioned by a bank to decide how much it will lend.
Still not sure what something means?
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- No fee to you on off-plan purchases: the developer pays us
- One salaried adviser, not on commission, from first call to handover
