In the initial stage of a collaborative program with nine leading developers, the Dubai Land Department (DLD) aims to allocate 10-15% of property units for sale by Emirati real estate brokers. This initiative, unveiled to bolster Emirati participation in the sector, signifies the DLD’s commitment to fostering a more inclusive and dynamic real estate market.
The program, established in partnership with Emaar, Expo Dubai, Deyaar, Damac, Azizi, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development, seeks to enhance the competitiveness of Emirati professionals by providing them with increased sales opportunities.
“We are thrilled to collaborate with our real estate partners to achieve exceptional outcomes that solidify Dubai’s position as a premier real estate destination,” stated Marwan bin Ghalita, Acting Director General of the DLD.
Dubai’s property market has experienced a robust recovery fueled by government interventions, rising oil prices, and strong investor interest. According to DLD data, real estate transactions in Dubai surged by a record 17% in 2023, reaching 1.6 million across various market segments. This figure reflects a significant increase compared to the 1.3 million transactions recorded in 2022 and encompasses investments, mortgages, sales, and rental contracts.
Furthermore, the total value of real estate transactions in the emirate reached a staggering Dh634 billion ($172.6 billion) in 2023, representing a 20% year-on-year growth. A February report by property consultancy Knight Frank revealed that Dubai witnessed the second-fastest global increase in prime residential property prices last year, with a rise exceeding 16%. Notably, despite the record sales of luxury properties, Dubai remains positioned towards the lower end of the most expensive prime residential markets internationally.
Looking ahead, the DLD plans to expand the Dubai Real Estate Broker Program by establishing partnerships with additional developers and brokers. This phase will facilitate further qualification of Emiratis for careers in the property sector and encourage their recruitment by developers.
The program extends beyond sales opportunities. The DLD is committed to fostering a culture of innovation and sustainability within the real estate sector through collaborative projects with participating entities. Additionally, the program will provide national talent with guidance, professional training, and support to attract them to the private sector and equip them with the specialized skills necessary to establish successful real estate businesses.
This revised version removes informal language and focuses on the program’s goals and benefits for Emirati brokers and the overall real estate market. It also highlights the impressive growth of Dubai’s property sector.
Publish March 31, 2024
Source: https://www.thenationalnews.com/business/property/2024/03/31/dubai-developers-to-allocate-10-to-15-of-projects-to-emirati-real-estate-brokers/
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