Binghatti, a prominent real estate developer in Dubai, has teamed up with the Dubai Land Department (DLD) to boost the participation of UAE nationals in the real estate market. This collaboration, signed by DLD Director General Marwan Bin Ghalita and Binghatti Chairman Muhammad BinGhatti, aims to strengthen the real estate sector in Dubai by encouraging Emirati agents and investors to engage in real estate transactions. The partnership supports the Dubai Real Estate Broker Programme, launched by DLD in March to integrate efforts from both the public and private sectors.
As part of this joint initiative, Binghatti is offering exclusive discounts and flexible payment plans for selected projects to Emirati investors. Additionally, the developer will provide an extra 1% agent fee for transactions conducted by Emirati agents. Binghatti’s Chairman, Muhammad BinGhatti, expressed his gratitude for collaborating with DLD and emphasized the significance of empowering Emirati investors and agents through inclusive partnerships between private and public sectors.
This partnership represents one of the many efforts by the Government of Dubai’s Land Department to enhance the skills, efficiency, and professionalism of Emirati professionals. Binghatti has employed over 50 Emirati employees in leadership roles across various sectors within six months, demonstrating its commitment to nurturing local talent and supporting the sustainable growth of Dubai’s real estate market.
Looking ahead, Binghatti plans to launch 12 new real estate projects worth over Dh10 billion in the second half of the year. The company’s existing projects are progressing as scheduled, with high demand and good sales performance. Sales figures for projects like Mercedes Benz Places – Binghatti and Jacob & Co Residences have exceeded expectations, indicating a positive reception from buyers across different nationalities.
The real estate market in Dubai has become increasingly appealing to global investors, including Americans, Russians, Europeans, and Asians, seeking to invest and transfer wealth to the UAE. Binghatti’s CEO highlighted the attractiveness of the market due to high investment returns, with rental yields in Dubai averaging 7-8%. The ease of setting up new businesses in Dubai adds to the favorable investment environment, attracting foreign investors looking for lucrative opportunities in the real estate sector.
In conclusion, the strategic partnership between Binghatti and DLD underscores the commitment to empower Emirati investors and agents, contributing to the overall growth and sustainability of Dubai’s real estate market. Through exclusive incentives and collaborative efforts, the aim is to enhance Emirati participation in real estate transactions, further solidifying Dubai’s position as a thriving hub for real estate investment on a global scale. As Binghatti continues to expand its portfolio and prioritize local talent development, the future looks promising for the real estate sector in Dubai.
