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The roadmap by Dubai Land Department to solidify the city’s role as a regional and global leader in real estate
October 31, 2024 | Staff Reporter | UAE | Developers
The Dubai Real Estate Sector Strategy 2033 outlines 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. Announcing the launch of the strategy, Marwan Ahmed bin Ghalita, Director-General of Dubai Land Department, emphasised that it 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. He further added that 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. Investing in Dubai extends beyond property acquisition; it offers a high-quality lifestyle, further enhancing market appeal and attracting long-term investment. Marwan bin Ghalita addressed a media gathering at the Government of Dubai Media Office attended by department CEOs and representatives from various local media outlets. This interaction was part of the ‘Meet the CEO’ series, organised by the Government of Dubai Media Office and moderated by Maryam Al Mulla, Director of the Dubai Press Club. The session reflects a collaborative effort to promote positive engagement and constructive dialogue between the media and senior officials from government and semi-government entities across Dubai’s key sectors.
The Dubai Real Estate Sector Strategy 2033 aims to fulfill its ambitious objectives through a set of key performance indicators, which include doubling the real estate sector’s contribution to Dubai’s GDP to approximately AED73 billion, increasing home ownership rates to 33%, growing real estate transactions by 70%, raising the market value to AED1 trillion, and expanding the value of Dubai’s real estate portfolios 20 times to AED20 billion.
The strategy is underpinned 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 strengthens Dubai’s position as a global innovation and sustainable growth leader. The roadmap emphasises 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. This includes deploying artificial intelligence, enhancing data centralisation, and offering a seamless, integrated experience for both investors and end-users. It is also bolstered by a series of ten-year programmes, 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, emphasising 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.
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