The Government of Dubai Land Department (LD) is set to organize training courses for real estate brokers working in the Dubai’s timeshare through a couple of professional courses. The program will be presented by the Dubai Real Estate Institute (DREI), the educational arm of LD in cooperation with the real estate licensing department of the Real Estate Regulatory Authority (RERA). The course is part of a comprehensive training and awareness approach in line with LD’s objectives to disseminate and enhance the real estate knowledge in the market through a professional and scientific training.
Yousif Al Hashimi, Director of RERA’s Real Estate Licensing Department says, “As RERA is keen to provide a appropriate working environment to undertake real estate activities and investments in Dubai real estate market and in order to build trust amongst professionals and investors, these professional training courses in cooperation with DREI aim at empowering brokers in all aspects of the sector. The courses are also available for those looking to build a good knowledge of Dubai’s real estate market. Such courses help clarify issues related to real estate transactions and procedures for those working in the real estate profession. According to Al Hashimi, the continuing education program Consolidates concepts and provide latest information related to the brokerage profession.
He went to say that some international companies have started developing resorts and hotels operating in a timeshare manner in the Emirate of Dubai to benefit from the growth in this sector internationally. This concept is a new in the United Arab Emirates and the region according to Al Hashimi.
In the timeshare, the company owning the property sign agreement with investing companies and individuals to own residential units in Dubai for a certain and limited period of time as mentioned in the agreement. The beneficiaries can switch their residencies between times to other properties, this will protect them from looses as the unit selling is timely limited.
According to the Director of RERA’s Real Estate Licensing Department there are 140 real estate brokers from different nationalities working in the residential timeshare in Dubai. He also hailed the efforts of DREI and its plans aiming at dissemination of the academic real estate knowledge through training courses for timeshare brokers. The training program will last for two days and consists of 12 training hours. The courses are available in Arabic and English.
In order to get a real estate license, the brokers must complete the 12 hours training course and score 70%. Achieving that result is a condition to issue or renew the brokers ID. The course will focus on explaining the marketing and trading methods followed globally in the selling and renting of timeshare. It will also explain the LD’s conditions and guidelines regarding this system and selling units in partial ownership method. The profession’s charter and guidelines regarding the timeshare in addition to basics of contracting and safeguarding the investor’s rights are also among the topics that the course will debate. The lecture will be presented by Dr. George Morris and lawyer Khawla Al Madani in the presence of the international timeshare expert and consultant Alan Thompson.