Real estate agents confirmed that it holds great opportunities for commercial real estate and offices

The real estate sector is the largest beneficiary of the «D33» agenda.

  • The real estate market in Dubai represents about 9% of Dubai's GDP.

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Real estate agents reported that the real estate sector will be among the largest beneficiaries of Dubai's future plans, especially since the real estate market in Dubai represents more than 9% of Dubai's GDP, and contributes about 5% to the growth of GDP.

They indicated to «Emirates Today» that the «D33» agenda holds great opportunities for the real estate sector, especially groups related to the business sector, such as offices and shops, and also the residential sector will have a share of it, in conjunction with expectations of an increase in the population of Dubai to reach 5.8 million people by Year 2040.

Dubai Agenda

In detail, Senior Vice President of Damac Properties, Niall McLoughlin, said, "Dubai's economic agenda, which was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, will achieve great economic benefits at all levels and in various sectors." sectors, and accelerate the growth of vital sectors in the emirate, especially the real estate sector, as the value of the total target set by the agenda is 32 trillion dirhams.

At the same time, and based on the great successes achieved by the emirate over the past decades, this agenda, which focuses heavily on partnerships, investment, technology, digitization and empowering individuals, will enhance the comprehensive development of Dubai, and raise its position further among the world's cities and financial centers.

He added: «At the level of the real estate sector, the real estate market in Dubai represents more than 9% of the GDP of Dubai, and contributes about 5% to the growth of the GDP.

As such, the current market situation provides favorable conditions for investors to enjoy strong returns on the amounts invested in commercial real estate in the next ten years.

Therefore, we expect the residential and commercial real estate market to continue its momentum this year, and to achieve more growth and gains for investors.

Commercial real estate

For his part, the investment expert, Saleh Tabakh, said, "The (D33) plan will work in general to develop the economic infrastructure to become more attractive to diversified investments, with a focus on trade and commercial exchanges," stressing that "economic diversification will enhance the economy in general, and increase Available jobs, and thus an increase in the population, which will enhance the demand for real estate, especially industrial and commercial ».

He pointed out that «the next challenge is that most developers tended towards developing residential real estate, without focusing on offices and commercial real estate, which reduced the competitiveness in this type of real estate, and the absence of diversity in supply in offices and commercial real estate, so I think there is a need for innovation. Real estate projects that more meet the needs for this type of real estate, with a focus on mixed residential and commercial projects, and the provision of small and modern office spaces to attract companies and individuals looking for new opportunities in Dubai based on the (D33) vision.

Strong moves

For his part, Chairman of the Board of Directors of Al-Waleed Investment Company, Muhammad Al-Mutawa, said, "The plans and initiatives of the Emirate of Dubai would strengthen all areas in the real estate sector, and indeed signs of recovery and strong movements appeared in the office market, after several years of stagnation." “The demand was directed towards residential lands, and it is expected that the demand for offices and the commercial sector will increase, supported by the increase in demand for them.”

Great recovery

In the same context, the real estate expert, Chairman of the Board of Directors of "W Capital Real Estate Brokerage Company", Walid Al Zarouni, said, "Dubai is witnessing a great recovery in the real estate market in all real estate categories, whether it is apartments, villas, offices and shops."

Al Zarouni expected that "the office sector will continue to benefit from the government facilities it has provided in recent years, including obtaining medium and long-term residency, granting citizenship, in addition to the strong infrastructure, which enhances Dubai's attractiveness to foreign investors."

He continued, "There is also no doubt that the decision to own 100% of commercial activities by foreigners had a positive impact on many, which supported their launch of many projects in Dubai."

future incubator

In turn, the real estate consultant, Ahmed Al-Dawla, said, "The Emirate of Dubai has become an incubator for the future, through continuous thinking and continuous orientation for development and innovation in all sectors of the economy, including industry, trade and real estate," explaining that "the emirate is witnessing a boom in the real estate sector, and has achieved Strong results during 2022, and it is expected to continue during the current year.

The state added that «the coming period will witness relative stability in real estate prices, and the real estate sector will be one of the most important sectors, given the provision of housing and offices, and the coming period will witness an increase in demand, and a great development in the real estate sector, because real estate serves a large segment of society».

Comprehensive strategy

In addition, the managing director of the “Harbor Real Estate Company”, Muhannad Al-Wadiya, said, “The (D33) strategy is a comprehensive strategy of several plans that have been developed, including Vision 2040, the urban plan, the fiftieth plan for the year 2071, and several initiatives that complement the vision to achieve economic development.” Unprecedented, and strengthens Dubai's position globally as one of the most important cities and economic capitals in the world, pointing out that "these initiatives will have a positive direct and indirect impact on the real estate sector, in all its sections, residential, commercial and industrial, the hotel sector, offices and shops."

Al-Wadia stressed that "Dubai's population has increased over the past year, and it is expected to reach 5.8 million people by 2040," pointing out that "(D33) contributes to attracting foreign investments, developing and diversifying the economy," explaining that these initiatives contribute to reviving the market. and increase investor confidence.

He expected the pace of recovery to continue during 2023.

He added, "There are global challenges that affect the pace of the global economy, including economic crises, global and environmental fluctuations," explaining that "Dubai is proactive, seizes opportunities in light of crises, and benefits positively from them to attract investors and benefit from available opportunities."

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