Dubai-based private developer DAMAC Properties has announced a groundbreaking initiative: the launch of an entire building dedicated exclusively to Emirati brokers. This project aims to empower licensed UAE national brokers to sell units to a diverse clientele, including UAE nationals, residents, and foreign investors.
Key Highlights of the Initiative
Only licensed Emirati brokers across the UAE can sell the units in this project. Emirati customers receive a 10% discount on purchases, and brokers are offered a flat 6% commission on sales.
Damac Lagoon Views
The flagship project, Damac Lagoon Views, represents a collaboration between DAMAC Properties and the Dubai Land Department (DLD). This initiative underscores the pivotal role Emirati brokers play in the UAE's real estate sector.
Statement from DAMAC
“DAMAC is the first to dedicate a whole building exclusively for UAE national licensed brokers. UAE nationals will get a 10% discount when buying Damac Lagoon Views. UAE national licensed brokers will get a 6% flat commission when selling the project,” said DAMAC in a statement to Khaleej Times.
Project Details
Prices start at AED 1.143 million for a one-bedroom apartment and go up to AED 1.944 million for two-bedroom units. Around 300 brokers attended a recent event organized by DAMAC to introduce the project.
Growing Real Estate Brokerage Market
The number of real estate brokers in Dubai and the UAE is on the rise, driven by high demand for residential and commercial properties post-pandemic. According to VVS Estate, approximately 10,000 new broker licenses are expected to be issued in 2024, a significant increase from 5,000 in 2018.
Recognizing Emirati Brokers
In addition to the launch, DAMAC held a significant event in collaboration with the DLD to honor Emirati brokers' contributions. The event, which featured a gala dinner and awards ceremony, celebrated top-performing brokers and provided networking opportunities.
Commitment to Excellence
“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.
DAMAC's latest initiative aligns with the UAE government's goals of citizen empowerment, offering Emirati brokers a unique platform to contribute to and benefit from the booming real estate market. The Damac Lagoon Views project stands as a testament to this commitment, promising luxury and quality in every unit.