The Dubai Real Estate Sector Strategy 2033 presents a targeted plan designed to enhance the sector’s economic influence within the emirate. This involves a significant increase in transaction volumes and reinforces Dubai’s status as a leading destination for international investors.
Reflecting its robust strength and resilience, Dubai’s real estate market achieved over 163,000 transactions, totaling more than AED544 billion in the first nine months of 2024. Real estate investments also experienced considerable growth, surpassing AED376 billion during this timeframe, propelled by advanced infrastructure and a solid regulatory framework. As the sector continues to record unprecedented growth, property speculation remains well within acceptable limits, not exceeding 20 percent, which indicates stability and sustainability in investment patterns.
During the announcement of the strategy, His Excellency Engineer Marwan Ahmed bin Ghalita, director general of the Dubai Land Department, highlighted that it aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The strategy aspires to catalyze a transformative shift in Dubai’s real estate sector, promoting sustainability and reinforcing Dubai’s stature as a regional and global leader in real estate. Investing in Dubai transcends mere property acquisition; it encompasses a high-quality lifestyle, thereby boosting market appeal and attracting long-term investment.
His Excellency Engineer Marwan Ahmed bin Ghalita addressed a gathering of media representatives at the Government of Dubai Media Office, which included department CEOs and local media representatives. This event was part of the ‘Meet the CEO’ series, organized by the Government of Dubai Media Office and moderated by Maryam Al Mulla, Director of the Dubai Press Club. This session exemplifies a collaborative effort to foster positive engagement and constructive dialogue between the media and senior officials from government and semi-government entities across key sectors in Dubai.
Key performance indicators
The Dubai Real Estate Sector Strategy 2033 aims to achieve its ambitious goals through a set of key performance indicators. These include doubling the real estate sector’s contribution to Dubai’s GDP to approximately AED73 billion, increasing home ownership rates to 33 percent, boosting real estate transactions by 70 percent, elevating the market value to AED1 trillion, and expanding the value of Dubai’s real estate portfolios twentyfold to AED20 billion.
The strategy is supported by enhanced transparency via data insights, a resilient market structure, and a sectoral ecosystem dedicated to continuous innovation. It aligns with the Dubai Economic Agenda D33, Dubai Social Agenda 33, and the Dubai 2040 Urban Master Plan, thereby reinforcing Dubai’s position as a leader in global innovation and sustainable growth.
The strategic roadmap further prioritizes the development of sustainable communities constructed to the highest quality standards. Increasing transparency and showcasing high-value real estate assets to attract significant international investment—particularly from emerging markets—remains a central focus. Strengthening the support infrastructure for the sector is also a key priority, alongside leveraging technology. This encompasses the deployment of artificial intelligence, enhancing data centralization, and providing a seamless, integrated experience for both investors and end-users.
Also, the strategy is underpinned by a series of ten-year programs, including the Transparency and Global Marketing Program, Data and Governance Program, Flexible Urban Planning Program, Real Estate Investment Funds Program, Affordable Housing and Real Estate Sustainability Program, and the Program to Enhance Emirati Competitiveness in the Real Estate Sector.
Emiratisation within the real estate sector is framed as a strategic priority, emphasizing the empowerment of national talent and their active involvement in this crucial field. By integrating Emiratis into the real estate sector, Dubai fosters local market growth and enhances its global competitiveness. This commitment aligns with the nation’s broader Emiratisation objectives, highlighting the expanding role of Emiratis across all economic sectors and ensuring a sustainable real estate market.
A notable initiative within this framework is the Dubai Real Estate Brokers Program, specifically designed to empower Emiratis in real estate brokerage. This program achieves its objectives through advanced training initiatives that promote innovation and skill development in real estate, thereby strengthening Emirati identity within the industry. It also positions Emirati-led real estate brokerage as a regional and global leader, boosting the competitiveness of both local and international markets.
Tech-driven initiatives
Modern technology is central to the Dubai Real Estate Sector Strategy 2033, aimed at enhancing operational efficiency, improving customer experiences, and supporting sector growth. The strategy leverages AI-driven data analysis to facilitate smarter decision-making and insights into market needs. Digital solutions enhance the customer journey throughout the property lifecycle—from search and purchase to management. Technology also contributes to greater efficiency and cost savings in construction, with digital platforms providing investors real-time access to their property portfolios. Moreover, technology enhances marketing efforts, enabling direct, targeted outreach to potential clients.
In alignment with this tech focus, the Dubai Land Department has launched several initiatives to drive technological transformation within the sector. A key initiative is the Real Estate Evolution Space (REES), which seeks to establish Dubai’s leadership in real estate technology and artificial intelligence.
Read more: Dubai real estate market records over $9.6 billion in sales in January 2024
Strengthening public-private partnerships
This initiative ushers in a new era of real estate innovation, fostering collaboration among industry leaders and experts to reshape Dubai’s urban landscape. It aims to develop a robust ecosystem for real estate innovation through public-private partnerships, supporting cutting-edge solutions that enhance competitiveness and sustainability.
The REES initiative also strives to improve operational efficiency and boost customer satisfaction by integrating advanced AI and real estate technology. Additionally, it seeks to create a supportive infrastructure that includes regulatory frameworks and accelerators, enhancing the global competitiveness of PropTech companies within the Dubai Chambers network.
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