Dubai’s real estate revenues have surpassed United Kingdom’s with projections indicating a 50% increase this year according to Mohamed Ali Alabbar, founder of Emaar. This announcement coincided with the launch of the second phase of the Dubai Land Department’s (DLD) Real Estate Brokers Program aimed at empowering Emirati talent in the sector.

Key Highlights:

Transaction Growth: In 2023, Dubai recorded 133,134 sales transactions valued at AED 411.74 billion, a significant rise from AED 264.34 billion in 2022. Off-plan sales drove this growth reaching AED 160.46 billion, a 72.3% increase from the previous year.

Program Expansion: The DLD has opened registration for 1,000 new Emirati participants in the Real Estate Brokers Program which aims to triple the number of Emiratis in the private sector and strengthen their role in economic development.

Strategic Partnerships: The program now has 50 partners including real estate developers to enhance Emirati participation in the market.

Future Goals: The initiative aims to increase Emirati brokers from 5% to 15% over three years providing training, financial incentives and a one-year fee exemption for new broker licenses.

Dubai's appeal include the Golden Visa program, economic stability, a luxurious lifestyle, strong off-plan sales and supportive government policies. As Dubai’s real estate market continues to flourish, the DLD's efforts aim to ensure that Emirati citizens play a vital role in this growth reinforcing the emirate's strategic vision.