DLD New Broker Program: What It Means for Dubai Real Estate Market

Dubai is consistently working to introduce initiatives that are beneficial for all the citizens, businesses, developers, and the state. With leading property projects and upscale marketing strategies, the country is on its way to bringing on programs related to real estate development.

The Government of Dubai extends such struggles to boost every player in the property industry. From boastful visa extension programs to new real estate broker programs, the iconic achievement of Dubai in the real estate industry is providing a gateway to make Dubai a global leader.

The aim of national participation towards the economic growth of the state is hidden behind the new broker program as revealed by the Dubai Land Department. Stirring the real estate sector, the Dubai Land Department expounded a roadmap for real estate technology. The program fosters Emirati's participation in the property market, positioning Dubai as the global hub for innovations.

DLD new broker program

Dubai Real Estate Market and New DLD Broker Program

The growth of the Dubai real estate market is undeniably strong, especially after the transactions valued for the financial year of 2023 showed an average increase for various market segments, reaching 17%.

On top of that, the remarkable number of real estate deals closed against a sum of AED 634 billion reflects the strength of this market and the durability it offers to investors.

Alongside the existing massive success, the surety of integrating Emirati real estate brokers’ involvement into the sector will lead to more future growth.

Keeping this in mind, the Dubai Land Department has introduced this plan to assign a certain percentage of units to Emirati brokers. It is expected to advance the industry with an overall increase in sustainable and innovative culture.

A Stimulating Programme for Emirati Brokers

Dubai Land Department is putting efforts into empowering national talents and amplifying their activities in the real estate sector of Dubai. For this purpose, various amendments have been brought into the laws, the most major of which involves the allocation of specific quotas for brokers.

You heard it right! The DLD has signed an agreement with leading developers in Dubai to implement this program. More specifically, a 10% to 15% quota of the real estate projects will be provided to Emirati brokers for selling ahead, facilitating their role in the Dubai property sector.

1. Involving Leading Developers

The acting director-general of the Dubai Land Department has proposed the program to the officials of real estate developers, stating the prerequisites of the initiative. The agreement to fortify the program has been signed between 9 major developers:

Azizi Developments
Emaar Properties
DAMAC Properties
Expo Dubai
Sobha Realty
MAG Properties
Al Bait Al Duwaliy Real Estate Development
Ellington Properties
Deyaar Properties

In addition to the leading developers, the contract is expected to extend to other partners, as reported by DLD. Citizens are aimed at being incentivized in the property market of Dubai according to the current program. With specified targets, this goal will allow the coming phases of the program to thrive in the long term.

2. Objectives of the Agreement

Revolutionizing Roles

The new broker program is carried out through several areas, ultimately leading the way to increase Emirati's professionalism and their roles.

Moreover, the initiative brought modification in the design and implementation of high-end projects, proving a joint effort of the Dubai Land Department and real estate developers, existing in the UAE.

The collaboration anticipates the achievement of desired goals to augment the status of Dubai's real estate market both at the domestic and international levels.

Empowering National Talents

The agreement is set to encourage national talents by bringing a revolution towards innovation, and sustainability and stimulating sector growth.

Providing Emiratis with more job opportunities, the program supports adequate training through vocational sessions and guidance lines. Furthermore, the groundbreaking program nurtures a commitment to upgrade skills and participation at the national level.

Remarks by Marwan Bin Khalifa

Marwan Bin Ghalita, acting director-general of DLD, expressed the government's concern and focused on the significance of this joint project by stating:

"DLD is committed to implementing directives of our sincere leadership, boosting the empowerment of Emirati nationals across different sectors. Our new broker program is a testament to such commitment and we anticipate enhancement in national skills.

Surfacing national talents is an integral component outlined in the Dubai Economic Agenda D33 and the Dubai Social Agenda 2033. The goal is to involve 65 thousand of the United Arab Emirates young generation in the promised sectors and labor market, to demonstrate Dubai's position as a skillful professional hub."

3. Implications for Real Estate Brokers

Stimulating Competitiveness

With a significant emphasis on bringing up new talent, the new broker program is set to upgrade the competitiveness of real estate brokers in Dubai. DLD, Dubai has announced that it will host 15 workshops to equip real estate brokers with the required skills and knowledge.

The real estate broker training programs are scheduled till the year-end, enabling brokers to offer premium services to their clients. Real estate brokers will acquire a competitive edge as per the guidelines set by DLD.

Improving Professional Reputation

The program's emphasis on professionalism and ethical practices is expected to improve real estate brokers' reputations in Dubai. As each broker will be granted a certified license, the investors and buyers will see them as more reliable and trustworthy, leading to increased client rates and loyalty.

Career Advancement Opportunities

The consistent professional training and certification have offered brokers a clear pathway for career development. Since the inauguration of the program, 1000 registrations have been received by the Dubai Land Department from Emirati nationals.

Furthermore, the private sector has concluded 25 strategic alliances between property brokerage companies and developments, leading the way to more sustainable and ample opportunities in the property industry of Dubai.

4. Impact on the Real Estate Market

The recent broker program is an opportunity for both the real estate industry and players to leverage the demand while integrating professionalism in every aspect. The impact is observable in several ways;

Enhanced Market Efficiency

The allocation of quota to real estate brokers is designed to streamline property transactions and upgrade their efficiency while consuming less time. Dubai's property market is undoubtedly multiplying at a robust rate, with a 17% increase in annual transactions.

Hence, the program will swiftly reduce bureaucratic hurdles and improve the direct transaction process between real estate brokers in Dubai and their clients.

Increased Market Transparency

In the previous years, Dubai has seen compromising its real estate transparency because of the low professionalism rate among the brokers. DLD, Dubai has revised such programs and anticipates utilizing the new broker program for the potential increase in market transparency.

In adherence to standardized ethical practices and guidelines, brokers will be trained and certified for accurate property listings, enabling a transparent bond between the client and broker.

Attraction for Foreign Investors

The real estate market of Dubai is renowned for its appeal to foreign investors. The initiative, recently brought into the city, is likely to enhance the enticement by assuring investors of the reliability and proficiency of real estate brokers. This can draw more international investors, uplifting the market for tremendous transactions.

New Real Estate Broker Programme

Prospective Outcomes of the New Real Estate Broker Programme

Increasing Emiratis in the Private Sector

The Dubai Real Estate Brokers Programme is launched to uplift the UAE nationals' involvement in the real estate sector from 5% to 15% in the future years. Therefore, the program is aimed at amplifying the young generation of Emirates and their participation in the private sector.

Adding Competitiveness through Collaboration

The new real estate broker program is seen as an alliance between the public and private sectors, creating an absolute improvement in the professional prospects of Emiratis.

Moreover, Dubai has stepped into the "Year-of-Sustainability (2023-2024)" where this collaboration acts as an instrumental effort for the continuous growth and competitiveness in the property sector of Dubai.

Reflecting Emirati Representation

Dubai is a city seamlessly integrating and promoting sustainable projects in the real estate sector. However, the city has goals beyond this and aims to encourage innovative culture. This further expresses the significance of market growth through Emiratis in the sector.

Continuous Professional Development (CPD)

Continuous Professional Development is a crucial component of the new real estate broker program, ensuring that brokers stay engaged and updated with the latest property regulations, market trends, and best practices. This mandatory process is essential for brokers to maintain their licenses.

The real estate broker training program is critical to help brokers navigate the market through seminars, workshops, industry conferences, and online courses. These courses align with Agenda D33 to equip participants with sufficient knowledge of the Dubai property market.

Moreover, real estate brokers also acquire the analytical expertise required for negotiation and customer service. Due to the city's dynamic market conditions, RERA itself analyses brokers' competency in handling a diverse range of investors.

Closing In

The new broker program by the Dubai Land Department has significantly transformed Dubai's real estate sector. With improved directives implemented by the authority, Dubai is set to enhance both the industry and national participation.

The program aims to intensify professionalism, skills, and Emirati representation on the global level. Furthermore, this new approach anticipates potential outcomes, leaving a lasting impact on the property market. Real estate brokers who embrace this approach are likely to upscale their reputation as well as the dynamic nature of the industry.

Adding competitiveness and boosting skills, DLD continues to venture partnerships by implementing innovative strategies. With cemented goals and a vitalized economy, the city is constantly evolving its future-centric approaches.

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