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Damac’s first project dedicated only for Emirati brokers launched

Only licensed UAE national brokers would be able to sell these units of this project to all the nationalities

Published: Mon 29 Jul 2024, 2:28 PM

Updated: Mon 29 Jul 2024, 6:50 PM

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Dubai-based private developer Damac Properties has launched a project where an entire building will be dedicated exclusively for the Emirati brokers to sell it to UAE nationals customers, residents and foreign investors.

Special incentives to Emirati brokers and special offers for Emirati customers have been designed to encourage this initiative.

Damac Lagoon Views is the first project for Emirati brokers to sell as part of a collaboration with the Dubai Land Department (DLD) to support and recognise the contributions of Emirati realty brokers in the UAE community.

The developer elaborated that only Emirati licensed brokers across the UAE would be able to sell these units to all the nationalities who are interested in buying in the project.

“Damac is the first to dedicate a whole building exclusively for UAE national licensed brokers. UAE nationals will get a 10 per cent discount when buying Damac Lagoon Views. UAE national licensed brokers will get a 6 per cent flat commission when selling the project,” Damac said in a statement to Khaleej Times.

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"UAE nationals play a crucial role in the nation's real estate brokerage community. The Damac Lagoon Views apartments are a testament to delivering unparalleled luxury and quality, and we are excited to have showcased this project for this occasion," said Amira Sajwani, managing director of sales and development at Damac.

Prices for the Damac Lagoon Views start from Dh1.143 million for a one-bedroom and go up to Dh1.944 million for 2-bedroom apartments.

10,000 new brokers to enter market

The developer organised an event in Dubai last week to apprise Emirati brokers about the project which was attended by around 300 brokers.

The number of real estate brokers has been rising in Dubai and UAE due to unprecedented demand for residential and commercial property markets after the pandemic.

According to VVS Estate, 2024 is set to see the issuance of approximately 10,000 new real estate broker licenses in Dubai, a significant increase from the 5,000 licenses issued in 2018.

The past few years have seen steady growth with 6,000 new licenses issued in 2019, a slight dip in 2020 due to the pandemic, 7,000 new licenses issued in 2021, 7,500 in 2022, and approximately 8,000 in 2023. This surge is a testament to the influx of investors and the booming real estate market in Dubai, drawing a record number of brokers in 2024.

“The significant increase in broker licenses highlights the vibrant and expanding nature of Dubai’s real estate market. More individuals are eager to join the industry as professional brokers, emphasizing the need for formal training and certification to uphold high standards within the profession,” said Valentina Rusu, founder and managing partner of VVS Estate.

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