The Dubai real estate market again buzzed after the announcement of ‘the Dubai Real Estate Broker Program’. The Dubai Land Department (DLD) has taken significant steps to boost, empower, and encourage Emirati real estate brokers. This new scheme envisions stabilizing and promoting the nationals’ participation in the property market growth in Dubai.
Under the new broker program, up to 15% of real estate projects launched by developers in Dubai are meant to be allocated to Emirati brokers. Thus, the DLD promotes diversity within the real estate industry and ensures a secure environment for emerging brokers through valuable opportunities.
Under this scheme, the DLD has aligned nine developers, including Expo Dubai, Ellington Properties, DAMAC, Azizi, MAG, Sobha Reality, Emaar, Deyaar, and Aldar Properties. With this agreement, the initial phase of the Dubai Real Estate Broker Program starts, representing a significant initiative toward an inclusive and diverse real estate sector. It will support Emirati real estate brokers in increasing their participation in the Dubai real estate market.
The current real estate market is on a significant upswing after the pandemic, and the program offers Emirati brokers the opportunity to leverage their abilities and skills. The robust performance of the Dubai real estate market is undeniable, with a record transaction of 1.6 million counted for just 2023. It is a 17% increase in yearly transactions in the property market of Dubai. Moreover, the remarkable real estate deals worth AED 634 billion ($172.6 billion) reflect the durability and vitality of the Dubai property market. This program is also integrated to add more efforts and encourage Emirati engagement in the sector. Dubai Real Estate Broker Program fulfills this requirement by assigning units and offering training and assistance to Emirati brokers.
The DLD has received more than 1,000 registrations from Emirati citizens for the Dubai Real Estate Brokers Program since mid-March this year. This reflects the project's pivotal initiative under Dubai’s Social Agenda 33.
Already, 25 strategic alliances have been formed under the program with real estate brokerage companies and developments in the private sector. This shows the eagerness and aspirations of the citizens to engage as real brokers and realize the pivotal role of the Dubai property market. Moreover, these initial outcomes reflect the strong commitment of Dubai real estate companies to Dubai’s visionary leadership initiatives.
The New Economy Academy hosted the inaugural training course, which resulted in the scheduling of more than 15 initial workshops by the end of this year. These courses are designed to train, qualify, and empower participants by offering employment opportunities for the sector's citizens. Moreover, they will result in the issuance of real estate broker licenses to more eligible individuals.
As an integral part of the ‘Rehabilitation Project’ within the real estate brokerage sector, these steps involve esteemed industry experts' collaborations. They will equip the participants with the required skill set to obtain a real estate broker license. Thus, affiliated brokers will be educated to improve the profession based on the industry's best practices and ethical standards. It will streamline real estate transaction processes like leasing, selling, and buying.
Under the Dubai Real Estate Brokers Program, a newly introduced component is the qualification project. This comprehensive program integrates various strides, including the issuance of real estate broker licenses to Emiratis. Aiming to encourage developers to allocate a project potion to these brokers and empower citizens in the property sector.
Furthermore, the participants will receive support packages under the private partnership to enhance the competitive advantage of UAE citizens. It will enable them to take responsibility for their roles in the property sector. Thus and so, quality project development and implementation will be fostered. The citizens would also collaborate to promote sustainability and innovation in the industry.
The Dubai Real Estate Brokers Program is designed to increase the participation of Emirati brokers from five to fifteen percent in the coming three years, thereby increasing the proportion of young citizens in developmental initiatives across all sectors. This program was launched by the Vice President, Prime Minister, and Ruler of Dubai, Sheikh Mohammad bin Rashid Al Maktoum, under the theme ‘Family: The Foundation of Our Nation’.
Thus, this program is aimed at triple the number of Emiratis in the private sector. Additionally, this program is designed in alignment with the Dubai Economic Agenda D33 objectives. It seeks to develop a nurturing environment to encourage 65,000 of the emerging generation of UAE into the labor market. This program will establish Dubai as a hub of specialized and skilled professionals.
The Dubai Real Estate Program is an outstanding example of synergy and collaboration between the public and private sectors. Additionally, it offers advantages beyond enhancing the professional prospects of the nationals. The projects will improve the property sector of Dubai by promoting sustainability and innovation culture. Moreover, the collaboration of the public and private sectors on cooperative initiatives with the DLD is likely to add market competitiveness and ongoing growth of the Dubai property industry.
Qualifying more nationals for real estate employment, the DLD aims to form alliances with more brokers and developers. This growth will further improve the Emiratis' representation in the real estate industry and the private sector.
The Real Estate Broker Program involves collaboration with the DLD to promote environmental activities and modernize real estate. Therefore, it also comprises collaboration with the DLD to offer training and guidance to Emirati talent and attract them to the private sector by improving their skill set within the real estate market. This program delivers fruitful outcomes through initial strides and is expected to provide the promised results in the coming years. With an increase of Emiratis in the real estate sector, an increase in national contribution to the private sector is expected, leading to more robust collaboration between private and public stakeholders of the industry.
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