His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, reviewed the latest developments in the Dubai Land Department’s (DLD) operations and progress towards the Dubai Real Estate Sector Strategy 2033.
The strategy aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to establish Dubai as a global economic hub and a premier destination for real estate investment.
Sheikh Hamdan highlighted the pivotal role of the real estate sector as a cornerstone of Dubai’s economy, emphasising its contributions to sustainable development across various industries. He noted the sector’s rapid growth, which reflects Dubai’s evolution into a magnet for global businesses, investments, and talent.
“The emirate’s robust economic and developmental momentum necessitates an expansion in real estate projects, creating more opportunities for both local and international investors,” said Sheikh Hamdan. He also underlined Dubai’s stable investment environment, bolstered by investor-friendly laws and regulations, as a key driver of the sector’s remarkable growth.
As of November 2024, Dubai recorded 188,000 real estate transactions, valued at AED 625 billion ($170 billion). This marks a 38% increase in transaction volume and a 23% rise in value compared to 2023. Property sales alone accounted for AED 437 billion ($119 billion), reflecting an impressive 33% year-on-year growth.
During the meeting at The Executive Office, Marwan Ahmed bin Ghalita, Director General of DLD, presented updates on key initiatives under the Dubai Economic Agenda D33. The agenda aims to position Dubai among the world’s top three urban economies by integrating advanced technology into the real estate sector, centralising data, and enhancing investor and customer experiences.
“By fostering innovation and strengthening public-private partnerships, Dubai is advancing its real estate sector to meet global standards,” said bin Ghalita. He highlighted DLD’s focus on competitive and sustainable solutions, leveraging artificial intelligence, and fostering collaboration with stakeholders to drive growth and customer satisfaction.
The meeting was also attended by 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.
The Dubai Real Estate Sector Strategy 2033, spearheaded by DLD, emphasises innovation and technology as key enablers of growth. By fostering public-private collaboration, the strategy aims to enhance Dubai’s global competitiveness in real estate and provide a seamless experience for investors.
With its unwavering focus on economic diversification and sustainability, Dubai continues to set benchmarks in urban development, real estate innovation, and global investment appeal.
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