Elevating professionalism in Dubai’s real estate sector with educational initiatives

As Dubai’s real estate sector continues its growth, continued education is becoming a paramount priority. Elkhan Salikhov, CEO of Elite Merit Real Estate, outlines how educational initiatives can benefit everyone – brokers, agents, advisors and clients – and how both practitioners and consumers can be equipped with the spot-on knowledge they need.
Dubai's real estate market has evolved from the unregulated ‘Wild West’ era to a dynamic urban hub with landmarks like Downtown Dubai, Palm Jumeirah, and La Mer. This progress demands a professional, accountable approach to real estate.
Real estate agents’ responsibilities today go beyond facilitating transactions; they play a key role in shaping clients’ long-term financial decisions. Helping a client navigate a 25-year mortgage, for example, requires a deep understanding of both risks and opportunities.
As Dubai’s market becomes more dynamic, agents must be equipped with a broad range of knowledge – spanning finance, law, economics, and tourism – to guide clients effectively. At the same time, buyers need to take an active role in conducting due diligence. Property purchases are significant investments, and agents are no longer the sole source of expertise.
Fostering a culture of education, transparency, and accountability is critical to driving the market forward. By aligning well-trained agents with informed buyers, Dubai can enhance its reputation as a stable, trustworthy market – attracting global investors and offering consumers greater confidence.
Regulation to boost industry standards
As Dubai’s real estate market matures, the role of government regulation becomes even more important. While there have been some regulations introduced, gaps in enforcement have allowed inconsistencies in professional standards. To compete with international markets, Dubai needs to adopt stronger regulatory measures – such as mandatory licensing for agents, stricter educational requirements, and clear penalties for unethical practices.
These regulations should extend beyond transactional knowledge, covering a deeper understanding of financial systems, market trends, and consumer rights. Such measures would help ensure that brokers are accountable for their actions while protecting consumers from mismanagement or exploitation.
By fostering a well-regulated environment, Dubai can further enhance its reputation as a market known for transparency and professionalism – two qualities that international investors highly value.
For example, tougher licensing requirements could ensure that only qualified professionals are allowed to operate, while stricter exams and mandatory certifications would raise the bar for entering the field. Developers should also be required to reject commission transfers unless the broker is licensed. By eliminating gray areas where unlicensed brokers operate under the guise of a licensed firm, the market can become more transparent and trustworthy. These measures would safeguard consumers and elevate the entire real estate ecosystem.
Further reading: Dubai among the world’s five most improved real estate markets.
Global real estate insights
Real estate is the largest global asset class, valued at over $350 trillion – outpacing industries like cryptocurrency and the stock market. Given this immense scale, access to reliable, comprehensive information is crucial. While most professionals start by mastering their local market, the true value comes from expanding to understand national and global trends.
Agents who begin by mastering local markets often graduate to analyzing national trends and then global ones. This progression from micro-level to macro-level analysis is vital. At Elite Merit, we aim to provide these insights, helping clients understand how markets worldwide intersect.
For instance, Seoul’s real estate GDP is projected to reach $160 billion in 2024, and is expected to double by 2029. This growth isn’t just from more properties but from the increasing value of real estate – further demonstrating the importance of a global perspective.
When comparing price-per-square-meter in Seoul and Dubai, it becomes evident that Dubai isn’t as prohibitively expensive as it’s often perceived. By educating clients about these international comparisons and opportunities, we aim to dispel the misconception that Dubai is an outlier in cost. Understanding these global dynamics opens doors to new possibilities, allowing clients to make more informed decisions based on a broader understanding of the market.
Understanding true property costs
True education in real estate means understanding not only the obvious costs but also the hidden ones. When a one-bedroom apartment costs AED 1.9 million, it’s not just the price – it’s the result of factors such as land acquisition costs, contractor relationships, and legal frameworks that influence pricing. Buyers must be aware of these hidden costs and understand the broader market dynamics at play.
Additionally, speculative behaviors often drive market prices rather than actual construction costs. For instance, in the JBR area, property prices doubled in 18 months, not due to rising construction costs but because of speculative behavior in the market. Such fluctuations pose risks to uninformed buyers. Education helps clients navigate these risks by better understanding material costs, legal frameworks, and market trends.
The focus should be on providing the tools to help buyers make smarter, more secure investments. Understanding construction material costs, contractor liabilities, and pricing dynamics is essential for navigating a complex, often speculative market.
Elite Merit’s consultative approach
At Elite Merit, we view agents as consultants, not just salespeople. We believe that to truly help clients, our agents must understand the financial, personal, and lifestyle factors influencing their decisions. Our approach goes beyond simply asking what type of property a client wants. We ask why. Why this particular property? Why this area? What long-term goals are driving the decision?
This deeper level of analysis helps clients consider factors such as access to schools, community amenities, and future investment potential – ensuring their property purchase aligns with their life goals. This consultative approach not only delivers value but educates clients in the process.