Real Estate Glossary

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78 terms

A

Absorption Rate

The rate at which available properties are sold in a specific market.

Agency Agreement

A contract between a property owner and a real estate agent.

Agent Commission

A fee paid to a real estate agent, typically a percentage of the property price.

Al Sa'fat (Dubai Green Building Regulations)

Dubai's sustainable building code.

Amenities

Facilities like pools, gyms, and parks in a property or community.

Apartment

A residential unit within a building, typically part of a larger complex.

B

BRE (Building Regulations & Engineering)

Governing body for construction standards in Dubai.

Buyer's Market

A market condition where supply exceeds demand, favoring buyers.

C

Capital Appreciation

Increase in a property's value over time.

Carpet Area

The actual usable space inside a unit, excluding walls and balconies.

Cash Buyer

A buyer purchasing without financing.

Caveat Emptor

'Buyer beware'; emphasizes due diligence.

Certificate of Completion

Issued when construction is completed and meets standards.

Closing Costs

Fees and expenses paid during the finalization of a real estate transaction.

Community Management

Oversight of services and operations within residential communities.

Construction Timeline

The schedule outlining phases and completion dates of property development.

D

DDA (Dubai Development Authority)

Governs planning and building approvals.

Deferred Payment Plan

A scheme allowing buyers to pay over time.

DLD (Dubai Land Department)

The official government entity overseeing real estate transactions.

Down Payment

The initial amount paid upfront when buying a property.

Dubai Freehold Areas

Areas where foreign investors can buy property with full ownership.

E

Ejari

A tenancy registration system in Dubai.

Emaar

One of the largest real estate developers in Dubai.

Encumbrance

Any claim or liability affecting the property.

Escrow Account

A bank-controlled account where off-plan buyer payments are held.

F

Flipping

Buying and reselling properties quickly for profit.

Floor Plan

A property's layout design.

Foreclosure

A legal process where a lender repossesses a property due to non-payment.

Freehold Property

Property ownership without time limits, available to foreigners in designated areas.

G

Gated Community

A residential area with restricted access for added security.

Golden Visa

A long-term residency program for investors.

H

Handover Date

The date a developer transfers a completed property to the buyer.

HOA (Homeowners Association)

A group managing residential communities.

Home Insurance

Insurance covering property damage and liabilities.

L

Launch Price

The initial price set when a property is first offered for sale.

Leasehold Property

Property ownership for a fixed term, after which ownership reverts to the landowner.

Luxury Property

High-end properties in prime locations.

Luxury Real Estate

High-end properties, often featuring premium amenities and prime locations.

M

Maintenance Fees

Charges for the upkeep of common areas and property facilities.

Market Valuation

An assessment of property value.

Master Plan

A comprehensive layout for the development of an area.

Maturity Date

The final date for loan repayment.

Mortgage

A loan used to purchase real estate, secured by the property itself.

N

NOC (No Objection Certificate)

Required for resale or alterations to a property.

O

Off-Plan Property

Property purchased before or during construction.

Oqood

A pre-title deed document for off-plan properties.

P

Payment Plan

A structured schedule for making payments on a property.

Penthouse

A luxurious unit located on the top floor of a building.

Pre-Approval Letter

A lender's confirmation of mortgage eligibility.

Prime Location

A highly desirable property area.

Property Appreciation

Property appreciation is the increase in a property's value over time due to market demand, improvements, or economic factors.

Property Investment

The act of purchasing real estate to generate income or profit.

Property Management

Services overseeing the operation and maintenance of real estate.

Property Type

Classification of real estate, such as residential, commercial, or industrial.

Property Valuation

An assessment of property value.

R

Ready Property

A completed property available for immediate occupancy.

Real Estate Development

The process of creating new buildings or renovating existing properties.

Real Estate ROI

Return on investment from real estate ventures.

REIT (Real Estate Investment Trust)

A company that owns, operates, or finances income-producing real estate.

Rental Cap

The maximum percentage increase allowed for rent.

RERA (Real Estate Regulatory Authority)

Governs Dubai's real estate market.

ROI (Return on Investment)

A measure of profitability in real estate.

S

Sales Purchase Agreement (SPA)

A legal contract outlining terms of a property sale.

Serviced Apartment

A furnished apartment with hotel-like amenities.

Short-Term Rental

Property rented for brief periods, often via Airbnb.

Smart Home

A property equipped with automation technology.

Stamp Duty

A tax on property transactions (not applicable in Dubai).

Sub-Leasing

Renting out a property by an existing tenant.

T

Tenancy Contract

A legally binding rental agreement.

Title Deed

A legal document proving property ownership.

Transaction Fee

Charges for property transfers.

Trust Account

A DLD-mandated escrow account for developer payments.

U

Unit Size

The area of an apartment or villa.

V

VAT (Value Added Tax)

A 5% tax applied to certain real estate transactions.

Virtual Tour

A digital walkthrough of a property.

W

Waterfront Property

Real estate located near water bodies.

Y

Yield

The percentage return on a real estate investment.

Z

Zoning Laws

Regulations governing land use.