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His Highness also analyses the progress made towards achieving the goals of Dubai Real Estate Sector Strategy 2033
November 29, 2024 | Staff Reporter | UAE | Developers
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, recently reviewed the operations of the Dubai Land Department (DLD).
His Highness also reviewed the progress made towards achieving the objectives of the Dubai Real Estate Sector Strategy 2033, aimed at realising the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to strengthen Dubai’s position as a global economic hub and a leading destination for real estate investment.
His Highness highlighted that the strong growth of the real estate sector reflects Dubai’s rapid development and its increasing appeal to businesses, investments, and talent from around the world. He also emphasised that the emirate’s robust economic and developmental momentum requires an expansion in real estate projects, offering enhanced opportunities for local and global investors. Dubai’s secure and stable investment environment, supported by laws and regulations that safeguard investor rights and capital, is a key driver of the sector’s remarkable growth, he said.
Investment Environment
During the meeting held at The Executive Office, His Highness was briefed by His Excellency Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department, on the key projects and initiatives implemented by DLD to support the objectives of the Dubai Economic Agenda D33. The Agenda aims to position Dubai among the world’s top three urban economies by integrating support systems within the real estate sector, leveraging advanced technology, enhancing data centralisation, and providing a seamless, exceptional experience for both investors and customers.
The meeting was attended by His Excellency Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Director General of the Dubai Crown Prince's Office.
During the meeting, His Highness Sheikh Hamdan bin Mohammed highlighted the vital role of the real estate sector in Dubai as a key pillar of the emirate's economy. He also emphasised its contributions to supporting comprehensive development across various fields.
The Director General of the Dubai Land Department outlined the key future objectives of the Dubai Real Estate Sector Strategy 2033, launched by the Department to strengthen Dubai's position as a global leader in real estate investment through innovation and technology.
His Excellency Marwan Ahmed bin Ghalita also highlighted initiatives to advance the real estate sector by fostering innovation through collaboration with stakeholders, strengthening public-private partnerships, supporting competitive, sustainable solutions and enhancing customer satisfaction through the adoption of advanced artificial intelligence.
As of November 2024, the total number of real estate transactions in Dubai reached 188,000, with a combined value of AED625 billion, representing a 38% increase in transaction volume and a 23% rise in value compared to 2023. Notably, property sales surpassed AED437 billion for the first time, marking a 33% growth compared to the same period last year.
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