The Dubai real estate market has buzzed up the market again after announcing “the Dubai Real Estate Broker Program.” The Dubai Land Department has taken significant strides to enhance, encourage & empower the real estate sectors among Emirati brokers. Through this newly launched scheme, the vision is to promote and stabilize the participation of nationals to sustain the vibrant property market of Dubai.
This program aims to allocate up to 15% of units in Dubai’s latest launches by credible developers. These units will be sold exclusively by Emirati brokers in order to promote diversity within the industry. Through this scheme, the Dubai Land Departments is focused on delivering valuable opportunities to emerging brokers in a secure environment while advancing the real estate sector.
The Dubai Land Department has aligned the scheme with nine developers, including Emaar, Expo Dubai, Aldar Properties, Ellington Properties, Deyaar, DAMAC, Sobha Reality, MAG, & Azizi. With this agreement, the Dubai Real Estate Broker Program enters its initial phase, representing a significant step toward a more diverse and inclusive real estate market.
Acting DLD Director-General Marwan bin Ghalita was high on hopes about this initiative, highlighting its potential to produce remarkable outcomes and highlight the real estate industry’s distinct position in Dubai. The current property market is experiencing a significant upswing following the COVID-19 epidemic, making it an opportune moment to leverage the skills and abilities of Emiratis, said DLD Director.
There is no denying the robust performance of Dubai’s real estate market. In 2023, transactions in the various market segments amounted to 1.6 million, a yearly increase in real estate transactions of a record 17%. Additionally, the remarkable Dh634 billion ($172.6 billion) in real estate deals showed the energy and durability of Dubai’s property market. Withstanding these successes, it is acknowledged that more has to be done to encourage and boost Emirati engagement in the real estate sector. This requirement is met by the Dubai Real Estate Broker Program, which assigns Emirati brokers units and offers assistance and training to develop their abilities.
The program offers advantages that go beyond enhancing one’s professional prospects. The project advances the real estate industry in Dubai overall by promoting an innovative and sustainable culture. Working together on cooperative initiatives with the DLD will increase the industry’s competitiveness and encourage ongoing growth and development.
To qualify more Emiratis for employment in the real estate industry, the DLD intends to grow the program by forming alliances with more developers and brokers. This growth will improve the representation of Emiratis in the sector and produce more job possibilities.
The UAE’s dedication to fostering economic inclusion and empowerment, particularly among its residents, is shown in the Dubai Real Estate Broker Program. The program advances the country’s goal of creating an affluent and varied society by giving Emiratis more influence in real estate transactions.
Finally, Dubai’s Real Estate Broker Program demonstrates the city’s forward-thinking strategy for promoting inclusion and giving its residents more authority. The initiative ensures that Emiratis have a significant interest in Dubai’s future growth and success by setting a new benchmark for the real estate industry with its focus on providing opportunities and cultivating talent.
