Dubai is taking steps to increase the participation of Emiratis as real estate brokers in upcoming project launches by prominent developers.
In the initial phase of a tie-up with nine top developers, the Dubai Land Department (DLD) will seek to allocate between 10 per cent and 15 per cent of units to be sold by Emirati brokers, the regulator said on Sunday.
The DLD has brought on board nine major developers – Emaar, Expo Dubai, Deyaar, Damac, Azizi, MAG, Sobha Realty, Ellington Properties and Al Bait Al Duwaliy Real Estate Development – for this programme.
This comes under the Dubai Real Estate Programme unveiled to increase Emiratis’ participation and incentivise their involvement in the real estate market, the DLD said.
The agreement aims to enhance the competitiveness of Emirati professionals and support their roles in the real estate sector.
“We are excited to work and collaborate with our real estate partners to achieve exceptional results that reflect the real estate sector’s unique position in Dubai,” said Marwan bin Ghalita, the acting director general of DLD.
Dubai’s property market rebounded strongly from the coronavirus pandemic slowdown on the back of government measures, higher oil prices and strong investor demand.
In 2023, Dubai registered a record 17 per cent annual jump in real estate transactions to 1.6 million across market segments, the latest data from the DLD showed.
The overall number included real estate deals from investments, mortgages and sales transactions to rental contracts recorded last year, up from about 1.3 million transactions reported in 2022.
Last year, the value of real estate deals in the emirate reached Dh634 billion ($172.6 billion), an annual growth of 20 per cent.
Property consultancy Knight Frank said in a February report that prices of prime residential properties in Dubai rose by more than 16 per cent last year, the second-fastest pace globally.
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Despite the record sales of luxury homes last year, Dubai is still ranked towards the bottom end of the most expensive prime markets globally, the report said.
In the next phase of the Dubai Real Estate Programme, the DLD said it will seek to establish partnerships with additional developers and real estate brokers to qualify more Emiratis to work in the property sector.
It will also lead to more Emiratis taking on employment with developers under the second phase.
“The agreement also involves collaboration on joint projects with the DLD to advance the real estate sector and foster a culture of innovation and sustainability,” it said.
“Additionally, it entails working with the DLD to provide guidance, professional training and support for national talents, attracting them to the private sector and enhancing their specialised skills to establish their businesses in the real estate market.”
Updated: March 31, 2024, 12:33 PM