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Developers to allocate up to 15% of real-estate projects to Emirati brokers

The DLD is partnering with nine major developers, including Emaar, Damac, and Sobha Realty, to boost Emirati participation as real estate brokers.

Developers to allocate up to 15% of real-estate projects to Emirati brokers
[Source photo: Krishna Prasad/Fast Company Middle East]

Dubai is strategically prioritizing the advancement of Emiratis within the thriving property market, not just through job creation but also professional development. This comprehensive strategy seeks to cultivate innovation and sustainability within the sector.

As part of this effort, the Dubai Land Department (DLD) has taken a significant initiative, collaborating with nine prominent developers, such as Emaar, Damac, and Sobha Realty, to increase Emirati participation as real estate brokers.

Under the initial phase of the Dubai Real Estate Programme, developers will allocate 10-15% of units in upcoming projects to be sold by Emirati brokers. This initiative aims to enhance the competitiveness of Emirati professionals and create new opportunities within the dynamic property market.

“We are excited to work and collaborate with our real estate partners to achieve exceptional results,” said Marwan bin Ghalita, the acting director general of DLD. This collaboration comes on the heels of a strong rebound in Dubai’s property market, fueled by government measures, rising oil prices, and significant investor demand.

The DLD reported a record-breaking year in 2023, with a 17% increase in real estate transactions, totaling 1.6 million across various market segments. The value of property deals also surged by 20%, reaching a staggering $172.6 billion.

Knight Frank, a property consultancy, highlighted Dubai’s impressive growth, with prime residential property prices rising over 16% last year, ranking it as the second-fastest growing market globally.

The DLD plans to expand the program by partnering with additional developers and brokers. This will involve further initiatives to qualify more Emiratis for the sector, create job opportunities within developer companies, and provide targeted training and support to help them establish successful careers in real estate.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.

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