11 Glossary Terms and Abbreviations for Real Estate in Dubai

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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. Lets get
  to know them used as they are generally used by
  Dubai property lawyers and real estate
  professionals in the UAE.

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• 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.
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• 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.
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• 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.
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• 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.
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• 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.
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• 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.

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• Before meeting real estate professional or
  property lawyers in Dubai, make sure youre
  familiar with these glossary terms and
  abbreviations.

Thank You