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Dubai United Arab Emirates
The Dubai Real Estate Sector Strategy 2033 outlines a focused roadmap to elevate the sector’s economic impact on the emirate by significantly increasing transaction volumes and reinforcing its appeal as a premier destination for international investors. Demonstrating its robust strength and resilience, Dubai’s real estate market recorded over 163,000 transactions, amounting to more than AED544 billion in the first nine months of 2024. Real estate investments also saw substantial growth, crossing AED376 billion during this period, driven by advanced infrastructure and a strong regulatory framework. While the sector continues to achieve record growth, property speculation remains within desirable limits, not exceeding 20 percent, reflecting stability and sustainability in investment trends.
Announcing the launch of the strategy, Marwan Ahmed bin Ghalita, Director-General of Dubai Land Department, emphasised that it aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The strategy aims to inspire a transformative shift in Dubai’s real estate sector by fostering sustainability and solidifying Dubai’s role as a regional and global leader in real estate. Investing in Dubai extends beyond property acquisition; it offers a high-quality lifestyle, further enhancing market appeal and attracting long-term investment.
Marwan bin Ghalita addressed a media gathering at the Government of Dubai Media Office attended by department CEOs and representatives from various local media outlets. This interaction was part of the ‘Meet the CEO’ series, organised by the Government of Dubai Media Office and moderated by Maryam Al Mulla, Director of the Dubai Press Club. The session reflects a collaborative effort to promote positive engagement and constructive dialogue between the media and senior officials from government and semi-government entities across Dubai’s key sectors.
The Dubai Real Estate Sector Strategy 2033 aims to fulfil its ambitious objectives through a set of key performance indicators, which include doubling the real estate sector’s contribution to Dubai’s GDP to approximately AED73 billion, increasing home ownership rates to 33 percent, growing real estate transactions by 70 percent, raising the market value to AED1 trillion, and expanding the value of Dubai’s real estate portfolios 20 times to AED20 billion.
The strategy is underpinned by enhanced transparency through data insights, a resilient market structure, and a sectoral ecosystem focused on continuous innovation. Aligned with the Dubai Economic Agenda D33, Dubai Social Agenda 33, and the Dubai 2040 Urban Master Plan, it strengthens Dubai’s position as a global innovation and sustainable growth leader.
The strategic roadmap emphasises the creation of sustainable communities built to the highest quality standards. Increasing transparency and showcasing high-value real estate assets to attract significant international investment, particularly from emerging markets, remains a focal point. Reinforcing the support infrastructure for the sector is also a key priority, alongside leveraging technology. This includes deploying Artificial Intelligence, enhancing data centralisation, and offering a seamless, integrated experience for both investors and end-users.
The strategy is bolstered by a series of ten-year programmes, including the Transparency and Global Marketing Program, Data and Governance Program, Flexible Urban Planning Program, Real Estate Investment Funds Program, Affordable Housing and Real Estate Sustainability Program, and the Program to Enhance Emirati Competitiveness in the Real Estate Sector. Emiratisation within the real estate sector is positioned as a strategic milestone, emphasising the empowerment of national talent and their active involvement in this crucial field. By integrating Emiratis into the real estate sector, Dubai nurtures local market growth and strengthens its global competitiveness. This commitment aligns with the nation’s broader Emiratisation objectives, underscoring the expanding role of Emiratis across all economic sectors, thereby ensuring a sustainable real estate market.
A standout initiative within this framework is the Dubai Real Estate Brokers Programme, specifically designed to empower Emiratis in real estate brokerage. This programme achieves its goals through advanced training initiatives that foster innovation and skill development in real estate, strengthening Emirati identity within the industry. It also positions Emirati-led real estate brokerage as a regional and global leader, enhancing the competitiveness of both local and international markets.
Modern technology is at the heart of the Dubai Real Estate Sector Strategy 2033, aiming to enhance operational efficiency, elevate customer experiences, and support sector growth. The strategy enables smarter decision-making and insights into market needs by utilising AI-driven data analysis. Digital solutions enhance the customer journey throughout the property lifecycle—from search and purchase to management. Technology also brings greater efficiency and cost savings in construction, with digital platforms providing investors real-time access to their property portfolios. Additionally, technology strengthens marketing by allowing for direct, targeted outreach to potential clients.
In line with this tech focus, Dubai Land Department has launched several initiatives that drive a technological transformation within the sector. A key initiative is the Real Estate Evolution Space (REES), aimed at cementing Dubai’s leadership in real estate technology and Artificial Intelligence. This initiative fosters a new era of real estate innovation, encouraging collaboration among industry leaders and experts to reshape Dubai’s urban landscape. It aims to create a robust ecosystem for real estate innovation through public-private partnerships, supporting cutting-edge solutions that enhance competitiveness and sustainability.
The REES initiative also aims to improve operational efficiency and boost customer satisfaction by integrating advanced AI and real estate technology. Additionally, it seeks to build a supportive infrastructure that includes regulatory frameworks and accelerators, strengthening the global competitiveness of PropTech companies within the Dubai Chambers network.
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