The Dubai Real Estate Sector Strategy 2033 presents a comprehensive plan to boost the economic influence of the sector within the emirate by substantially increasing transaction volumes and reinforcing its status as a top destination for global investors. In the first nine months of 2024, Dubai's real estate market saw over 163,000 transactions, totaling more than Dh544 billion. Real estate investments also surged, exceeding Dh376 billion during this period, fueled by advanced infrastructure and a robust regulatory framework. Despite the sector's continuous growth, property speculation has been kept within acceptable limits, not surpassing 20 percent, indicating stability and sustainable investment trends.
Marwan Ahmed bin Ghalita, Director-General of Dubai Land Department, emphasized that the strategy aims to drive a transformative change in Dubai's real estate sector by promoting sustainability and cementing Dubai's position as a regional and global real estate leader. Investing in Dubai goes beyond property acquisition; it offers a high-quality lifestyle, further enhancing market appeal and attracting long-term investments. The strategy targets its goals through key performance indicators, including doubling the real estate sector's contribution to Dubai's GDP to approximately Dh73 billion, increasing home ownership rates to 33 percent, growing real estate transactions by 70 percent, raising the market value to Dh1 trillion, and expanding the value of Dubai's real estate portfolios 20 times to Dh20 billion.
The strategy is supported 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 reinforces Dubai's role as a global leader in innovation and sustainable growth. The strategic roadmap highlights 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.
The strategy is reinforced by a series of ten-year programs, 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, emphasizing 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 Program, specifically designed to empower Emiratis in real estate brokerage. This program 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.
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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