Dubai Land Department launched the Real Estate Sector Strategy 2033 on Tuesday, targeting doubling the sector’s GDP contribution to AED73 billion and pushing the market value to AED 1 trillion, according to a report in Emirates News Agency (WAM)*.
The strategy outlined 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”, added the statement.
Marwan Ahmed bin Ghalita, Director-General of Dubai Land Department, announced the launch of the strategy while addressing a media gathering at the Government of Dubai Media Office.
“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,” he was quoted as saying as per the statement.
“Investing in Dubai extends beyond property acquisition; it offers a high-quality lifestyle, further enhancing market appeal and attracting long-term investment.”
He added that the strategy 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, according to the statement.
Demonstrating its 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, as noted by the media statement.
The roadmap also outlines goals to increase home ownership rates to 33 percent and expand the value of Dubai’s real estate portfolios 20 times to AED20 billion.
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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.
AI immersion
One of the key initiatives announced by Dubai Land Department was the Real Estate Evolution Space (REES), aimed at cementing Dubai’s leadership in real estate technology and Artificial Intelligence (AI).
This initiative aims to foster a new era of real estate innovation, encouraging collaboration among industry leaders and experts to reshape Dubai’s urban landscape.
Digital solutions will enhance the the customer journey throughout the property lifecycle – from search and purchase to management while investors will have real-time access to their property portfolios.
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It will seek to achieve operational efficiency, customer satisfaction and build a supportive infrastructure that includes regulatory frameworks and accelerators, strengthening the global competitiveness of PropTech companies within the Dubai Chambers network.
Emiratis set to lead the real-estate sector
Dubai Land Department is also setting up to integrate Emiratis into the real estate sector, in an effort to nurture local market growth and strengthen Dubai’s 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 key initiative within this framework is the Dubai Real Estate Brokers Programme, specifically designed to empower Emiratis in real estate brokerage.
This programme will offer advanced training initiatives that foster innovation and skill development in real estate, strengthening Emirati identity within the industry.
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It also aims to position Emirati-led real estate brokerage as a regional and global leader, enhancing the competitiveness of both local and international markets.