Dubai has introduced a new and ambitious real estate strategy, aiming for a total market value of AED 1 trillion by 2033. This strategy is aligned with Dubai’s Economic Agenda D33, Social Agenda 33, and the Dubai 2040 Urban Master Plan. It seeks to bring a fresh era of growth to the city’s property market by embracing technology, artificial intelligence (AI), and sustainable practices. By focusing on these areas, Dubai aims to strengthen its position as a major global real estate destination. Below, we explore the goals and key features of Dubai’s plan to reshape its property sector over the next decade.
Boosting Economic Value and Market Size
Dubai’s strategy is designed to increase the economic impact of its real estate sector. The plan targets a substantial rise in the sector’s contribution to Dubai’s Gross Domestic Product (GDP), aiming to bring it up to AED 73 billion by 2033. Alongside this, the overall market value of Dubai’s property sector is expected to reach AED 1 trillion, a landmark goal that reflects Dubai’s ambitions to be a leading real estate market globally. This growth in economic value and market size is intended to bring stability and increase the city’s appeal for local and international investors alike.
Integrating AI and Digital Solutions for Growth
A key aspect of this strategy is the integration of AI and digital solutions in property management. With AI-powered analysis, Dubai plans to enhance efficiency in transactions, improve property valuations, and deliver better insights for investors. The Real Estate Evolution Space (REES) initiative will serve as the main driver of technology adoption, allowing Dubai’s real estate sector to adapt quickly to the demands of a fast-evolving market. Through these tech-focused steps, Dubai aims to make property management more efficient and responsive, setting new standards for real estate innovation that will attract a wide range of investors.
Inspired by Dubai’s Leadership Vision
The new real estate strategy is guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. According to Marwan Ahmed bin Ghalita, Director-General of the Dubai Land Department, this vision aims to make Dubai a global hub for real estate. It is not only about creating property options but also about ensuring a high quality of life for residents. By focusing on a balanced approach to development, the plan aims to make Dubai a desirable place for both investors and long-term residents.
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2024: A Strong Foundation for Future Growth
Dubai’s real estate market has shown remarkable activity in 2024, setting a strong base for the ambitious 2033 goals. In the first nine months of this year, the market recorded 163,000 transactions worth AED 544 billion, a figure that highlights the sector’s growth potential. Investments during this period reached AED 376 billion, while speculative activity remained under 20 percent, showing stability. This robust foundation is a positive sign for the future of Dubai’s property market, ensuring that the sector can handle increased growth and development with confidence.
Aiming for Higher Homeownership Rates
The new real estate strategy aims to increase homeownership in Dubai to 33 percent. By promoting homeownership, the government seeks to build a stronger, more stable community where people feel connected to the city. Higher ownership rates are expected to bring a sense of security and long-term stability to the market, benefiting both residents and the real estate sector. This focus on homeownership also aligns with Dubai’s Social Agenda 33, which aims to improve quality of life and encourage more people to settle down in Dubai.
Expanding Market Transactions and Value
In addition to increasing homeownership, Dubai’s strategy aims to expand the number of real estate transactions by 70 percent by 2033. This goal reflects a commitment to make property investment accessible to a wider range of people, boosting economic activity and growth. The plan also includes an ambitious target to expand the value of Dubai’s property portfolio to AED 20 billion, which is twenty times its current worth. This massive growth aims to draw international investors, providing them with significant opportunities to invest in a vibrant, high-potential market.
Six Key Programmes for Sustainable Development
To achieve these objectives, the strategy introduces six ten-year programmes that focus on key areas like transparency, data governance, urban planning, investment funds, affordable housing, and Emirati representation in the sector. Each programme is designed to address specific needs within Dubai’s real estate market and support its growth. Transparency and data governance will ensure that accurate information is available to investors, making the market easier to navigate and more appealing to international players. By putting these programmes in place, Dubai is setting up its real estate market for steady, reliable growth.
Empowering Emiratis Through the Dubai Real Estate Brokers Programme
The Dubai Real Estate Brokers Programme is a central part of the new strategy, with a focus on promoting local talent within the real estate sector. This programme aims to increase the number of Emirati brokers through specialized training, encouraging Emiratis to pursue careers in real estate. By investing in skill development, the programme not only helps with job creation but also enhances service quality within the real estate market. With better-trained professionals, Dubai’s property sector is expected to become more competitive, benefiting both clients and the market overall.
A Strong Commitment to Sustainability
Sustainability is a major focus of Dubai’s real estate strategy. By encouraging sustainable practices in building, planning, and infrastructure, Dubai is working to reduce the environmental impact of its growth. This focus on eco-friendly development aligns with international environmental standards and appeals to investors and residents who value sustainability. The push for sustainable development is expected to attract a new segment of environmentally conscious investors and residents, enhancing Dubai’s reputation as a forward-thinking city that prioritizes ecological balance.
Supporting Dubai’s Broader Economic Vision
The real estate strategy directly supports the broader goals of the Dubai Economic Agenda D33, which aims to double the city’s economy within the next decade. Real estate is an important contributor to Dubai’s economy, generating jobs, attracting investment, and driving overall growth. By focusing on real estate, Dubai aims to support its larger economic goals, making the sector a central part of its economic strategy. This connection between real estate and economic growth shows Dubai’s commitment to a well-rounded approach that benefits all areas of the economy.
Positioning Dubai as a Global Real Estate Leader
Through innovation, sustainability, and economic growth, Dubai aims to establish itself as a leading global real estate market. The strategy’s emphasis on using AI and digital solutions positions Dubai as a frontrunner in real estate technology. By setting ambitious goals and implementing comprehensive programmes, Dubai is working to attract both high-net-worth individuals and large corporations that seek a stable and innovative market. This focus on becoming a global leader is expected to strengthen Dubai’s economy while also making it a model city in terms of real estate development and management.
Conclusion
Dubai’s AED 1 trillion real estate strategy for 2033 represents a bold vision for the future. By focusing on technology, sustainability, and local talent, Dubai aims to create a real estate sector that is both stable and attractive to investors worldwide. With plans to increase homeownership, expand transaction volumes, and maintain transparency, Dubai is setting the foundation for a thriving property market that benefits residents, investors, and the city as a whole. The strategy is not only a part of Dubai’s economic and social vision but also a step towards making the city a global hub for real estate.