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11 Glossary Terms and Abbreviations for Real Estate in Dubai

There are certain glossary terms and abbreviations that come up in real estate in The United Arab Emirates. These terms can be helpful when purchasing a property in the UAE. Let’s get to know them used as they are generally used by Dubai property lawyers and real estate professionals in the UAE. For more, visit https://bit.ly/2zX1umu

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11 Glossary Terms and Abbreviations for Real Estate in Dubai

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  1. 11 Glossary Terms and Abbreviations for Real Estate in Dubai There are certain glossary terms and abbreviations that come up in real estate in The United Arab Emirates. These terms can be helpful when purchasing a property in the UAE. Let’s get to know them used as they are generally used by Dubai property lawyers and real estate professionals in the UAE.

  2. BUA-This is an abbreviation for a built-up area. This is the gross floor space of a building. It is the complete construction area on the land. Deferred Payment-This is a kind of payment which is not made immediately.

  3. EIBOR- EIBOR stands for Emirates Interbank Offer Rate. This is a kind of rate which is charged by banks in the Emirates for financing. DEWA-Its full form is ‘Dubai Electric and Water.’ DEWA provides power and water.

  4. DIRHAM- Also called AED or Dhs, the UAE Dirham is the currency, divided into 100 fils. DHIRHAM is used across the United Arab Emirates. FREEHOLD-FREEHOLD is a property arrangement. It means you possess the property and the land it sits on.

  5. INVESTMENT ZONES- Emigrants can purchase interests in properties situated only in areas of Abu Dhabi known as Investment Zones. LEASEHOLD- LEASEHOLD is a property arrangement. It can limit the period of ownership. The period can range from 30-99 years.

  6. MUSATAHA- MUSATAHA is a 50-year development lease. It allows you to build on undeveloped land. Lease Period- Lease period is the time period. During it, the lease has to be repaid in full.

  7. RERA- The Real Estate Regulatory Agency (RERA) is a government agency (a part of the Dubai Land Department) that regulate the real estate sector in Dubai.

  8. Before meeting real estate professional or property lawyers in Dubai, make sure you’re familiar with these glossary terms and abbreviations. Thank You

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