Dubai’s real estate revenue surpassed that of the United Kingdom last year and is set for a 50 percent surge this year, stated His Excellency Mohamed Ali Alabbar, chairman of the board of directors and founder of Emaar, during the launch of the second phase of the Dubai Land Department‘s (DLD) Dubai Real Estate Brokers Program.
In line with the emirate’s vision for excellence and leadership, the Dubai Land Department launched the second phase of the program, opening the registration for the first 1,000 new participants from UAE nationals. The program seeks to develop and support Emirati talent, empower them to engage in the real estate sector and enhance their role in sustainable development.
The DLD made the announcement in the presence of His Excellency Eng. Marwan Ahmed Bin Ghalita, director general of the Dubai Land Department, and Mohamed Alabbar. The event also brought together several officials from the public and private sectors, along with DLD’s CEOs and directors.
Dubai’s property market boom
According to data from Property Finder, Dubai’s registered sales transactions reached 133,134 in 2023, a significant increase compared to 96,459 in 2022.
The sales transactions recorded the highest value ever for a year, reaching AED411.74 billion compared to AED264.34 billion in 2022, data showed.
This growth was particularly led by off-plan sales, which reached a value of AED160.46 billion in 2023, compared to AED93 billion in 2022, a 72.3 percent increase.
The off-plan transactions contributed to 39 percent of the total transaction value, witnessing the highest value ever recorded in the off-plan market.
Why Dubai is ahead of other property markets
So what makes the Dubai property market more attractive than international hubs? Here are five reasons:
- Golden Visas: Dubai’s Golden Visa program offers long-term residency and business opportunities, attracting significant foreign investment in the property market.
- Economic stability: Dubai’s strong economy, political stability, and strategic location make it a safe haven for real estate investment, particularly compared to some other markets.
- Lifestyle and amenities: Dubai’s world-class infrastructure, luxurious lifestyle, and diverse amenities, including quality schools, healthcare facilities, and entertainment options, make it a desirable place to live and invest.
- Off-Plan sales: The popularity of off-plan sales in Dubai allows investors to purchase properties at early stages, often with attractive payment plans and potential for higher returns.
- Government support: The Dubai government has implemented policies and initiatives to support the real estate market, such as affordable housing programs and infrastructure development.
Achieving Dubai’s vision
The Dubai Real Estate Brokers Program falls under the Dubai Social Agenda 33. It aims to triple the number of Emiratis working in the private sector, ensuring self-sufficiency, and social and family stability.
In addition, it supports the objectives of the Dubai Economic Agenda D33, which focuses on integrating 65,000 members of the new Emirati generation into the labor market, further strengthening Dubai’s position as a hub for national talent and a global center for excellence and innovation.
During the opening speech, Bin Ghalita highlighted the future vision for brokerage and the program’s role in empowering Emirati citizens as leaders in the field. He also outlined the objectives of the second phase and the key achievements of the first phase, during which over 500 participants obtained real estate broker cards, and Emirati brokers completed transactions totaling AED200 million.
Program grows with 50 partners
In the second phase, the Dubai Real Estate Brokers Program has expanded its strategic partnerships, growing to 50 partners with the addition of 21 new members, including real estate developers and brokers.
“In 2023, Dubai recorded the sale of 120,000 residential units, compared to just 20,000 units in Singapore, highlighting the strength of Dubai’s economy and its effective policies. Emaar’s success stems from the initial idea, but also from its operations within Dubai and the UAE,” stated Alabbar.
“Today, Dubai’s real estate market surpasses that of the UK, emphasizing the essential role that brokers play in this achievement,” he added.
Read: SAMANA Developers targets 400 percent sales growth in 2024
Program’s objectives
The Dubai Real Estate Brokers Program aims to increase the percentage of Emirati brokers from 5 percent to 15 percent over the next three years. It also focuses on enhancing the role of young locals in seizing available economic opportunities and supporting their position as a key driver of growth.
“As Dubai’s real estate sector continues to progress and experience unprecedented growth, this programme will help solidify opportunities for Emirati citizens to benefit from the available economic potential, reaffirming their pivotal role in supporting the emirate’s growth journey,” added Bin Ghalita.
The program focuses on five key initiatives to empower young nationals, including the real estate broker license, which offers a one-year exemption from government fees and an exclusive advertising package. It supports its role in the real estate sector by offering competitive commissions, providing training courses in real estate brokerage, and encouraging developers to allocate a share of sales to local brokers.
Additionally, the UAE business group for real estate brokerage, under Dubai Chambers, offers guidance to strengthen the role of citizens in the market.
With the launch of the second phase, the Dubai Land Department will strengthen the role of Emirati talent in the real estate sector, ensure the long-term growth of this vital industry, and reinforce its alignment with Dubai’s strategic vision.
The program’s success relies on strong partnerships and continued collaboration between government entities and the private sector, unlocking the potential of national skills and expanding opportunities across different industries.
For more real estate news, click here.
