Damac Properties, a Dubai-based private developer, recently launched the Damac Lagoon Views project dedicated exclusively for Emirati brokers to sell to residents and foreign investors. This initiative is part of a partnership with the Dubai Land Department to support and recognize the contributions of Emirati realty brokers in the UAE community. Only Emirati licensed brokers across the UAE will have the opportunity to sell units in this project to interested buyers of all nationalities.
Emirati nationals purchasing units in Damac Lagoon Views will receive a 10 percent discount, while Emirati licensed brokers will earn a 6 percent flat commission when selling the project. This marks the first time a whole building has been exclusively designated for UAE national licensed brokers. The apartments in Damac Lagoon Views are known for their luxury and quality, showcasing the developer’s commitment to delivering exceptional properties to buyers. Prices for one-bedroom units start at Dh1.143 million and go up to Dh1.944 million for two-bedroom apartments.
The recent event organized by Damac to introduce Emirati brokers to the project was attended by around 300 brokers. The real estate market in Dubai and the UAE has seen a rise in the number of brokers due to increased demand in residential and commercial property markets following the pandemic. VVS Estate projects the issuance of approximately 10,000 new real estate broker licenses in Dubai by 2024, a significant increase from the 5,000 licenses issued in 2018.
Over the past few years, there has been a steady increase in the number of licenses issued, with 6,000 new licenses in 2019, a slight decrease in 2020 due to the pandemic, and 7,000, 7,500, and approximately 8,000 licenses issued in 2021, 2022, and 2023 respectively. This surge in real estate broker licenses reflects the growing investor interest and the thriving real estate market in Dubai. Valentina Rusu, the founder and managing partner of VVS Estate, emphasized the need for formal training and certification to maintain high standards within the profession as more individuals enter the industry as professional brokers.
The dedication of Damac Lagoon Views to Emirati brokers highlights the developer’s commitment to recognizing and supporting local realty brokers in the UAE. By providing exclusive opportunities for Emirati brokers to sell premium properties to residents and investors, Damac Properties aims to contribute to the growth and success of the real estate industry in the region. The partnership with the Dubai Land Department further strengthens the collaboration between private developers and government entities to promote the sustainable development of the real estate sector in the UAE.
In conclusion, the launch of the Damac Lagoon Views project underscores the importance of recognizing and empowering Emirati brokers in the real estate market. With the increasing number of real estate broker licenses being issued in Dubai and the UAE, there is a growing demand for qualified professionals in the industry. By offering exclusive opportunities and incentives to Emirati brokers, developers like Damac Properties are not only supporting local talent but also contributing to the overall growth and success of the real estate sector in the region. As the market continues to expand, the role of Emirati brokers will be crucial in driving investments and facilitating transactions, further cementing their importance in the real estate ecosystem.
