Dubai’s New Real Estate Plan to Drive Property Ownership Surge

Dubai: Dubai’s real estate market is set to witness significant growth in property ownership following the launch of the Real Estate Strategy 2033, aimed at boosting transactions, enhancing transparency, and promoting affordable housing.

The strategy targets a rise in real estate transactions to Dh1 trillion by 2030, compared to Dh634 billion in 2023, and aims to increase the sector’s contribution to Dh73 billion. Additionally, the homeownership rate is set to rise to 33%, with a focus on affordability and global marketing.

Industry experts predict that Dubai’s investor- and resident-friendly policies will drive more people toward property ownership, supported by new initiatives and greater market transparency. These changes will also facilitate the development of affordable housing, enabling tenants to transition to ownership.

Boost in Ownership

Prathyusha Gurrapu, head of research at Cushman & Wakefield Core, highlighted that the strategy will enhance property ownership accessibility, benefiting end-users and fostering long-term investment, contributing to market stability and economic growth. She emphasized the role of favourable financing options and mortgage products in making ownership more attainable.

Ari Kesisoglu, president of Property Finder, noted a surge in property ownership in recent years, aligning with Dubai’s new strategy. He pointed out that strategic investments, along with advancements in technology and transparency, will help build trust and drive sustainable growth in the real estate sector.

Kesisoglu also mentioned the growing trend of buy-to-live transactions, supported by an increase in mortgage processing, which signals a shift toward owner-occupancy, promoting long-term market health.

Affordable Housing and Market Expansion

The Real Estate Strategy 2033 includes a strong emphasis on affordable housing, essential for supporting the city’s wider economy as it expands. Dubai’s vast land availability presents an opportunity for large-scale development of affordable homes, which will benefit both residents and the real estate market.

As Dubai’s property prices continue to rise, more tenants are looking toward homeownership as a viable option, especially with the introduction of lower interest rates and varied financing options. The demand for affordable units is expected to grow, driven by the rising costs of renting and the city’s efforts to support ownership.

Rohit Bachani, co-founder of Merlin Real Estate, echoed the optimism, highlighting increased trust among buyers and a rise in high-value transactions, including luxury properties. With new developments and a range of mortgage options, Dubai’s property market is poised to attract more investors and residents in the coming years.

In conclusion, Dubai’s Real Estate Strategy 2033 is expected to transform the market by increasing property ownership, promoting affordable housing, and ensuring long-term economic stability.