The Real Estate Strategy 2033 recently launched by the Dubai government is expected to bring significant changes to the city’s real estate market, including increased property ownership and transparency. The strategy aims to boost real estate transactions to Dh1 trillion by 2030, raise the homeownership rate to 33 percent, and focus on affordable housing and global marketing. Industry experts believe that these initiatives will encourage more people to buy properties, bring transparency to the market, and enable developers to launch more affordable developments.
Dubai’s property market has seen a surge in prices and rents post-pandemic, driven by both local and foreign demand. The introduction of more affordable units under the Real Estate Strategy 2033 will provide opportunities for more people to own properties and help tenants transition to ownership. Prathyusha Gurrapu from Cushman & Wakefield Core highlighted that increasing property ownership accessibility will benefit end-users and foster long-term investments, thus enhancing market stability and economic growth.
President of Property Finder, Ari Kesisoglu, mentioned that the real estate market in Dubai has witnessed a remarkable surge in property ownership in recent years. He believes that the Real Estate Strategy 2033 aligns with the company’s vision of enhancing trust, technology, transparency, and talent in the real estate sector. Kesisoglu also noted a significant increase in buy-to-live transactions, indicating a shift towards owner-occupancy that contributes positively to the industry’s health.
Rohit Bachani, co-founder of Merlin Real Estate, expressed confidence in the growth of property ownership in Dubai, citing significant increases in transactions. Bachani highlighted the growing emphasis on trust among buyers, with more interest in developers’ backgrounds. He also mentioned the availability of diverse options for residents and the attractiveness of the luxury market due to varied financing and mortgage options.
Affordable housing is a key focus of the Real Estate Strategy 2033, as highlighted by Kesisoglu. He believes that Dubai’s vast land availability provides an opportunity to develop affordable housing options. Leveraging urban planning expertise and industry partnerships, Dubai can create a more resilient real estate ecosystem that meets the demand for affordable housing. Prathyusha Gurrapu also emphasized the need for more affordable housing options to support the city’s expanding economy.
In conclusion, the Real Estate Strategy 2033 is set to revolutionize Dubai’s real estate market by promoting property ownership, affordability, and transparency. Industry experts believe that the initiatives outlined in the strategy will encourage more people to buy properties, strengthen market stability, and drive economic growth. With a focus on affordable housing and innovative solutions, Dubai is poised to create a more inclusive and resilient real estate ecosystem that caters to the diverse needs of its residents.
