Industry experts predict that a new government strategy will lead to a significant increase in property ownership and transparency in Dubai’s real estate market.
Dubai’s Real Estate Strategy 2033 aims to raise homeownership to 33 percent, increase real estate transactions to Dh1 trillion by 2030 from Dh634 billion in 2023, increase the real estate sector’s contribution to Dh73 billion, implement affordable housing programs, and prioritize transparency and global marketing, among other things.
Industry leaders predict that the emirate will maintain its resident-and investor-friendly policies while coming up with new projects and laws that will boost the number of people becoming homeowners and buyers, increase market transparency, and allow developers to build more reasonably priced projects.
Driven by both domestic and international demand, Dubai’s real estate market has seen a notable uptick in prices and rentals since the pandemic. A number of the city’s neighborhoods have seen price increases over the previous peak from 2014. However, the Real Estate Strategy 2033’s introduction of more reasonably priced apartments will provide more people with the chance to buy homes and assist tenants in making the move to homeownership.
Ownership boost
Prathyusha Gurrapu, head of research and consultancy at Cushman & Wakefield Core, said increasing property ownership accessibility would benefit end-users and foster long-term investments, enhancing market stability and economic growth. “Initiatives such as favorable financing options, reduced registration fees, and tailored mortgage products could play a crucial role in this effort,” she said.
Property Finder president Ari Kesisoglu claims that during the previous two years, there has been a notable increase in the number of people owning properties in the Dubai real estate market.
“Dubai’s Real Estate Strategy 2033 aligns perfectly with our long-held belief that strategic investments and cross-industry collaboration can enhance trust, technology, transparency, and talent in the real estate sector. As a leader in prop-tech, we’re excited to support this ambitious vision through our innovative solutions,” he said
According to Kesisoglu, they have noticed a notable surge in buy-to-live transactions, as demonstrated by the notable rise in mortgage processing via their Mortgage Finder advisory service. “This trend towards owner-occupancy is a natural and more sustainable boost to homeownership, contributing positively to the overall health of the real estate industry.”
As seen by the notable rise in transactions, co-founder of Merlin Real Estate Rohit Bachani is optimistic about the expansion of property ownership in the city.
“We have recently sold a Dh53 million penthouse and have noticed a growing emphasis on trust, with buyers increasingly interested to know about the backgrounds of developers. This trend benefits both established real estate firms and emerging developers, as Dubai consistently offers diverse options for residents, especially with new areas being developed. Additionally, financing and mortgage options have become more varied, making the luxury market even more attractive,” said Bachani.
More affordable housing
According to Kesisoglu, Dubai’s abundance of available land offers a special chance—a “blank canvas” for real estate development.
“The government has already demonstrated its exceptional capability in urban planning, and we believe these assets and learnings can be leveraged to make affordable housing a reality. Combined with reliable data, AI-powered services, and the collective efforts of industry partners, we’re confident that Dubai can build a more resilient real estate ecosystem. This will facilitate informed decision-making, reduce uncertainty, and continue to drive property ownership demand, while also creating a wider range of options in both pricing and lifestyles in the future,” said the president of Property Finder.
According to Prathyusha Gurrapu, affordable housing is a key component of Dubai’s Real Estate Strategy 2033, and as the city grows, more affordable housing options will be required to support the local economy.
“While Dubai properties are relatively affordable compared to other global markets, a large section of the market continues to rent. That said, due to the rising rents, we are seeing a growing demand from tenants looking towards homeownership over the last few quarters and foresee this trend to continue, further supported by lowering of interest rates,” she added.