Damac Properties, a leading private developer in Dubai, has launched an innovative project exclusively for Emirati brokers, allowing them to sell units to UAE nationals, residents, and foreign investors. This initiative marks a significant collaboration with the Dubai Land Department (DLD) to support and recognize the contributions of Emirati real estate brokers.
The project, Damac Lagoon Views, is the first of its kind where an entire building is dedicated solely to Emirati brokers. These licensed brokers across the UAE can sell units in this project to all interested nationalities. Special incentives have been designed to encourage this initiative, including a 10% discount for UAE nationals purchasing Damac Lagoon Views apartments and a 6% flat commission for Emirati brokers facilitating these sales.
“Damac is the first to dedicate a whole building exclusively for UAE national licensed brokers. UAE nationals will get a 10 percent discount when buying Damac Lagoon Views. UAE national licensed brokers will get a 6 percent flat commission when selling the project,”
Damac stated in a press release.
Amira Sajwani, Managing Director of Sales and Development at Damac, emphasized the importance of UAE nationals in the real estate brokerage community, stating,
“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.”
Prices for the Damac Lagoon Views start from AED 1.143 million for a one-bedroom apartment and go up to AED 1.944 million for a two-bedroom apartment.
The launch event held in Dubai last week was attended by around 300 Emirati brokers. This event highlighted the growing demand for residential and commercial properties in Dubai and the UAE, leading to a significant increase in the number of real estate brokers.
According to VVS Estate, 2024 is expected to see the issuance of approximately 10,000 new real estate broker licenses in Dubai, a substantial increase from the 5,000 licenses issued in 2018. This growth underscores the booming real estate market in Dubai, attracting a record number of brokers.
Valentina Rusu, Founder and Managing Partner of VVS Estate remarked,
“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.”
Damac’s exclusive project for Emirati brokers is set to strengthen the role of UAE nationals in the real estate sector, providing them with unique opportunities and incentives to thrive in this competitive market.
News Source: Khaleej Times
