Dubai's Real Estate Market Surpasses UK. Empowering Emiratis Through the Dubai Real Estate Brokers Program

Dubai's Real Estate Market Surpasses UK: Empowering Emiratis Through the Dubai Real Estate Brokers Program

Dubai’s real estate market has experienced phenomenal growth, surpassing the United Kingdom's real estate revenue in 2023 and setting the stage for a 50% surge this year. His Excellency Mohamed Ali Alabbar, chairman and founder of Emaar, made this announcement during the launch of the second phase of the Dubai Land Department’s (DLD) Dubai Real Estate Brokers Program. The initiative is designed to empower Emirati nationals, further integrating them into the real estate sector, and supporting Dubai’s sustainable development goals.

Program Launch and Objectives

In line with Dubai's vision of leadership and excellence, the DLD has launched the second phase of its Real Estate Brokers Program, aiming to triple the number of Emirati brokers. The program seeks to increase the percentage of Emiratis working in the sector from 5% to 15% over the next three years. Registration is now open for the first 1,000 UAE nationals. The program is central to Dubai's long-term growth strategy and aims to empower young locals to tap into the real estate market's economic opportunities, positioning them as pivotal drivers of Dubai's progress.

His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of DLD, emphasized, "As Dubai’s real estate sector continues to progress and experience unprecedented growth, this program 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."

Dubai’s Property Market Boom

According to Property Finder, Dubai's real estate sales transactions hit 133,134 in 2023, up from 96,459 in 2022. Several factors contribute to the city's leading position in the global real estate market:

• Golden Visa Program: Dubai's long-term residency options attract foreign investors and entrepreneurs, providing significant opportunities for real estate investments.
• Economic Stability: Dubai's robust economy, political stability, and strategic location make it a safe destination for global property investors.
• Luxurious Lifestyle and Amenities: World-class infrastructure, high-end amenities, and a luxurious lifestyle make Dubai an appealing place to live, work, and invest.
• Off-Plan Sales Opportunities: Investors benefit from flexible payment plans and the chance for high returns when purchasing properties at early stages.
• Government Support: The government’s policies, such as affordable housing initiatives and extensive infrastructure development, further bolster the sector.

Key Initiatives of the Brokers Program

The Dubai Real Estate Brokers Program focuses on five strategic initiatives to support the growth and empowerment of Emiratis:

1. Real Estate Broker License: Participants are exempt from government fees for one year and receive an exclusive advertising package to jumpstart their careers.
2. Competitive Commissions: The program offers attractive commission structures to encourage more Emiratis to join the real estate sector.
3. Training Programs: Specialized training courses in real estate brokerage are offered to enhance the knowledge and skills of Emiratis.
4. Developer Allocations: Developers are encouraged to allocate a portion of their sales to local brokers, providing more opportunities for Emiratis to succeed in the market.
5. Support from Dubai Chambers: The UAE business group for real estate brokerage, under Dubai Chambers, provides further guidance and mentorship.

Expanding Partnerships

The second phase of the program has grown its strategic partnerships, increasing from 29 to 50 partners, with new members from the real estate development and brokerage sectors. This expansion underscores the program’s commitment to forging strong collaborations between the private sector and government, aimed at unlocking the potential of national talent.

Aligning with Dubai's Strategic Vision

The Brokers Program aligns with Dubai’s Social Agenda 33, which aims to increase Emirati participation in the private sector, fostering self-sufficiency and family stability. The initiative also supports the broader objectives of the Dubai Economic Agenda D33, which envisions integrating 65,000 new Emirati professionals into the workforce, ensuring that Dubai continues to be a global hub for innovation, talent, and excellence.

Future Prospects

The program has already seen success, with over 500 Emirati brokers obtaining licenses in the first phase and closing deals worth AED 200 million. With the launch of the second phase, the DLD is set to expand Emirati involvement in the real estate sector, ensuring the long-term sustainability of this critical industry.

Dubai’s property market continues to soar, recording sales of 120,000 residential units in 2023, compared to 20,000 in Singapore. With government support, strategic initiatives, and an ever-increasing demand for property, Dubai’s real estate market will likely continue to thrive, offering boundless opportunities for Emiratis and international investors alike.

By fostering local talent through programs like the Dubai Real Estate Brokers Program, Dubai is paving the way for a new generation of Emirati professionals who will shape the future of the real estate market and play a key role in the emirate’s ongoing success story.