Dubai Land Department has partnerships with nine top developers to boost Emirati involvement in the property market.
Dubai is moving to encourage more Emiratis to work as real estate brokers for developers launching soon-to-be projects.
The Dubai Land Department (DLD) will look to assign between 10% and 15% of units to be sold by Emirati brokers during the first phase of a partnership with nine top developers, the regulator announced on Sunday.
For this program, the DLD has enlisted the services of nine developers: Al Bait Al Duwaliy Real Estate Development, Expo Dubai, Deyaar, Damac, Azizi, MAG, Sobha Realty, Ellington Properties, and Emaar.
According to the DLD, this falls within the Dubai Real Estate Broker Program, which was introduced to encourage and boost Emiratis’ participation in the market.
The agreement intends to support Emirati professionals’ positions in the industry and increase their competitiveness.
Marwan bin Ghalita, acting director general of DLD, stated, “We are thrilled to work and collaborate with our real estate partners to achieve exceptional results that reflect the real estate sector’s unique position in Dubai.”
The coronavirus pandemic downturn was followed by a robust recovery in Dubai’s real estate market due to government initiatives, rising oil prices, and increased investor demand.
According to the most recent DLD data, Dubai saw a record 17% yearly increase in real estate transactions in 2023, totaling 1.6 million across all market sectors.
Up from over 1.3 million transactions reported in 2022, the total number includes real estate deals from investments, mortgages, sales transactions, and rental contracts recorded last year.
The emirate’s real estate transactions were valued Dh634 billion ($172.6 billion) last year, a 20% yearly increase.
According to a survey released in February by property consultancy Knight Frank, the price of prime residential homes in Dubai increased by over 16 percent last year, which was the second-fastest rate in the world.
According to the survey, Dubai continues to be near the bottom of the world’s most expensive prime markets, even though sales of luxury real estate set records last year.
The DLD stated that in order to qualify more Emiratis for employment in the real estate industry, it will look to form alliances with more developers and real estate brokers in the upcoming phase of the Dubai Real Estate Broker Program.
Additionally, more Emiratis will work as developers during the second phase of the project.
According to the statement, the agreement calls for working together on cooperative initiatives with the DLD to develop the real estate industry and promote an innovative and sustainable culture.
It also involves collaborating with the DLD to encourage, mentor, and educate national talent in order to draw them to the private sector and develop their specialized skills so they can launch real estate ventures.
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