The broker situations in Dubai are going to change because the builders or developers are going to provide a good percentage of allocation to the Brokers that are Emirati. The Government is also helping the brokers that are Emirati.
The step is taken to promote the locals of UAE to get into the thriving market of luxurious properties in cities like Abu Dhabi and Dubai. There are too much competitions in the market because of which the Government was concerned about the local brokers upliftment and their contribution in the real estate market of cities like Dubai.
So it is now known that Dubai-based real estate developers will reserve 10% to 15% of their projects specifically for Emirati real estate brokers and for this Dubai Land Department collaborates with nine top developers to boost Emirati involvement in the real estate market. Some local professionals think it is good that Dubai is taking some steps to increase the number of Emiratis as real estate brokers in new projects that will be launched by developers working there.
The Dubai Land Department (DLD) has announced a partnership programme with nine very popular builders working in Dubai. As part of this partnership, the DLD will be allocating between 10% and 15% of units in a project to be sold by Emirati brokers only. This move will help to grow local businesses and benefit the real estate market also. The announcement was made recently only in 2024, and it is already in the starting phase of the partnership.
The DLD has named some few popular real estate developers including Emaar, Expo Dubai, Deyaar, Damac, Azizi, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development for the program. From here we can see that the above named developers are very popular in Dubai and have delivered several big projects in prime locations in Dubai for the past few years.
This falls under the Dubai Real Estate Broker Programme which aims to increase Emirati participation and increase their involvement in the property market of Dubai, said by DLD.
The agreement aims to support Emirati professionals in the sector and improve their work. The acting director general of DLD, showed happiness in collaborating with real estate partners to achieve better results that will show the important position of the real estate sector in Dubai.
Dubai's property market has recovered very well from the pandemic because of reasons like the involvement of the government, higher oil prices, and demand from investors. This growth was after the slowdown caused by COVID-19. In 2023, Dubai witnessed a remarkable 17% increase in real estate transactions, reaching 1.6 million across all market segments, according to some DLD reports.
The total number of transactions recorded last year of 2023, which included real estate deals from investments, mortgages, sales, and rental contracts, was over 1.4 million. This is an increase from the approximately 1.3 million transactions reported in 2022. Last year, real estate transactions in the emirate totalled Dh634 billion ($172.6 billion), which shows around 20% annual growth.
According to a report by a big company in February, the pricing of luxurious housing properties in Dubai increased more than 16% in 2020, making it the second-fastest growing market globally. Some people working in the property market of Dubai stated that the ranking of Dubai is still toward the bottom line for the most expensive prime markets in the world even though there was a huge number of sales of luxury homes last year of 2023.
The top people in Dubai Land Department (DLD) has also said that it will be working on the next phase of the Real Estate Broker Programme. The aim of this phase of the programme is to make new partnerships with developers and brokers in order to make sure that more Emiratis work in the property market of Dubai. Some professionals from Dubai Housing think that this phase will encourage more Emiratis to look for employment with the developers.
The agreement involves collaborating with DLD on joint projects to modernise real estate and promote new things and environmental activities. So, it also includes collaboration with the DLD to offer guidance and training to national talents, attracting them to the private sector, and improving their passive skills to establish their businesses in the real estate market.
