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Dubai: 15% Property Sales Quota for Emirati Brokers

On Sunday, the Dubai Land Department (DLD) announced the signing of a partnership agreement with nine developers, both private and government-backed. This agreement stipulates that these developers will allocate a portion of their projects for sale through Emirati brokers, thereby creating more job opportunities for locals.

Among the developers involved are Emaar Properties, Expo Dubai, Deyaar, Damac Properties, Azizi Developments, MAG, Sobha Realty, Ellington Properties, and Al Bait Al Duwaliy Real Estate Development. The agreement, which is part of the "Dubai Real Estate Programme," mandates that a quota of 10% to 15% of their projects be designated for sale through Emirati brokers.

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In addition to facilitating sales opportunities, the agreement also includes provisions for providing guidance, professional training, and support to Emirati talents. This initiative aims to attract nationals to the private sector and enhance their expertise, empowering them to establish their own businesses in the real estate market.

Dubai's real estate sector has experienced significant growth in the post-pandemic period, leading to a surge in job creation within the brokerage segment. The unprecedented demand from local and foreign investors has spurred the establishment of thousands of brokerage houses.

Looking ahead, DLD intends to expand its network beyond the current nine companies by forging agreements with more developers in the coming months.

Marwan bin Ghalita, acting director-general of Dubai Land Department, emphasized that this program seeks to increase citizen participation in the real estate market. By incentivizing Emirati involvement in real estate activities, the initiative aims to bolster their engagement in one of Dubai's key economic sectors.

"We look forward to working closely with our partners in the real estate sector to achieve significant outcomes that reflect the esteemed status of Dubai's real estate market, both locally and internationally," commented bin Ghalita.

 
April 1, 2024 12:08 p.m. 2691

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