Hamdan Bin Mohammed Reviews Operations Of Dubai Land Department And Real Estate Sector Growth Strategies
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, recently assessed the operations of the Dubai Land Department (DLD). He also evaluated the progress towards the goals of the Dubai Real Estate Sector Strategy 2033. This strategy aligns with His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision to enhance Dubai's status as a global economic centre and a prime real estate investment destination.
Sheikh Hamdan highlighted that the robust growth in Dubai's real estate sector mirrors the emirate's swift development. This growth is attracting businesses, investments, and talent globally. He stressed that this momentum necessitates expanding real estate projects to provide more opportunities for both local and international investors.
The meeting at The Executive Office included Marwan Ahmed bin Ghalita, Director General of DLD, who presented key projects supporting the Dubai Economic Agenda D33. This agenda aims to place Dubai among the top three urban economies worldwide by integrating support systems within the real estate sector. It focuses on leveraging advanced technology and enhancing data centralisation to offer an exceptional experience for investors and customers.
Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, also attended this meeting. During discussions, Sheikh Hamdan underscored the real estate sector's crucial role in Dubai's economy. He noted its significant contributions to comprehensive development across various fields.
The Director General outlined future objectives under the Dubai Real Estate Sector Strategy 2033. The strategy seeks to solidify Dubai's position as a global leader in real estate investment through innovation and technology. Marwan Ahmed bin Ghalita emphasised initiatives aimed at advancing the sector by fostering innovation through collaboration with stakeholders.
He also highlighted efforts to strengthen public-private partnerships, support competitive sustainable solutions, and enhance customer satisfaction through advanced artificial intelligence adoption. As of November 2024, real estate transactions in Dubai totalled 188,000, valued at AED625 billion—a 38% increase in volume and a 23% rise in value compared to 2023.
Investment Environment and Growth
Sheikh Hamdan pointed out that Dubai’s secure investment environment is a major growth driver for the sector. Laws and regulations safeguarding investor rights and capital contribute significantly to this environment. Property sales exceeded AED437 billion for the first time, marking a 33% growth compared to last year.
The strong performance of property sales underscores Dubai’s appeal as a stable investment hub. The emirate continues to attract global interest due to its strategic initiatives aimed at fostering economic growth through real estate development.
This comprehensive approach ensures that Dubai remains an attractive destination for investors worldwide while supporting its broader economic ambitions.
With inputs from WAM
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