Dubai-based Damac Properties unveiled a new project on Monday, exclusively for Emirati brokers to market to both residents and foreign investors. Damac Lagoon Views marks the first initiative in the UAE aimed at Emirati brokers, in partnership with the Dubai Land Department (DLD) to acknowledge and support the role of Emirati real estate brokers within the community. The developer clarified that only licensed Emirati brokers across the UAE would be authorized to sell these units to interested buyers of all nationalities. "Damac is pioneering by dedicating an entire building exclusively for UAE national licensed brokers. UAE nationals will receive a 10 percent discount on Damac Lagoon Views. UAE national licensed brokers will earn a flat 6 percent commission for selling the project," Damac stated in a release to Khaleej Times.
"UAE nationals are integral to the nation's real estate brokerage sector. The Damac Lagoon Views apartments exemplify delivering unmatched luxury and quality, and we are thrilled to present this project for this special occasion," commented Amira Sajwani, Managing Director of Sales and Development at Damac. Prices for Damac Lagoon Views begin at Dh1.143 million for a one-bedroom unit and extend to Dh1.944 million for a two-bedroom apartment.
The developer recently held an event in Dubai to inform Emirati brokers about the project, attracting around 300 brokers. The real estate broker sector in Dubai and the UAE has been growing due to heightened demand in both residential and commercial property markets post-pandemic. VVS Estate predicts that 2024 will see the issuance of about 10,000 new real estate broker licenses in Dubai, a substantial rise from the 5,000 licenses issued in 2018. Over the past few years, there has been steady growth with 6,000 new licenses in 2019, a slight decrease in 2020 due to the pandemic, followed by 7,000 in 2021, 7,500 in 2022, and approximately 8,000 in 2023. This surge reflects the influx of investors and the thriving real estate market in Dubai, attracting a record number of brokers in 2024.
"The substantial increase in broker licenses underscores the dynamic and growing nature of Dubai’s real estate market. More individuals are keen to enter the industry as professional brokers, highlighting the necessity for formal training and certification to maintain high standards in the profession," remarked Valentina Rusu, Founder and Managing Partner of VVS Estate.
