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Dubai real estate investments to grow with "Strategic Plan 2026"

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“Strategic Plan 2026” aims to boost Dubai’s real estate sector’s GDP contribution until 2026. Five pillars make up the plan's core.

The Dubai Land Department of the United Arab Emirates has unveiled a strategic plan that intends to establish Dubai as a global leader in the real estate investment industry.

The main goal of the strategic plan, according to a report by the news agency WAM, is to offer seamless real estate services in Dubai. This coupled with the implementation of comprehensive regulations as well as allocating the required human capital for the industry, is at the core of enabling the industry to expand and adapt.

The strategy, which will be put into effect until 2026, also seeks to raise the real estate industry's share of the emirate's GDP. This will further help Dubai evolve into one of the most innovative and sophisticated economies on the planet.

THE STRATEGIES FIVE CORE PILLARS:

The WAM report also stated that the plan is built upon five primary pillars. These are seen to be crucial for the expansion of Dubai's real estate market.

The First Pillar:

The first pillar focuses on a pioneering real estate model that improves the sector's sustainability and preparedness while also assuring efficient governance.

The Second Pillar:

The second pillar entails being an incubator of real estate innovation. This involves creating an atmosphere that is appealing to people all over the world and utilising technology to facilitate the creation of real estate solutions.

The Third Pillar:

The third pillar is to create a data-driven sector. This will be executed by maximising the value of Dubai’s real estate sector data, while also increasing awareness, trust, and transparency.

The Fourth Pillar:

The fourth pillar is Agile DLD. This will support the development of a thriving digital ecosystem in the real estate industry by enhancing DLD’s operations, governance, and partnerships.

The Fifth Pillar:

The fifth pillar is Exceptional Journeys 2.0. This final pillar focuses on implementing a human-focused strategy and changing to a culture that puts employees first.

THE STRATEGIES CORE PRINCIPLES AND IMPLEMENTATION:

DLD's updated strategy is guided by four core principles. These four principles are centred around aiming to achieve a sustainable impact, adapting global practices to the unique features of Dubai's real estate market, positioning Dubai as a global leader in real estate, and adopting a participatory approach that includes all stakeholders.

The strategy will then be implemented in three stages: launching quick-gain initiatives, empowering the sector and DLD and expanding the scope of influence.

STRATEGY OVERVIEW

The strategy is also consistent with Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum's approval of Resolution No. 81. The organisational structure of the Dubai Land Department was also authorised by the respective Crown Prince of Dubai and Chairman of the Dubai Executive Council.

The Dubai real estate market has already recorded 8,317 sales transactions worth AED 22.46 billion from the start of December 2022 until December 27th, 2022, according to the DLD’s data. 384 gift transactions totalling AED 2.27 billion were also recorded during this time. So, Dubai’s real estate market is already flourishing. Yet, the Strategic Plan 2026 highlights a strong plan for Dubai’s ambitions to take this up a level.

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