More than 2,200 registered real estate brokers in Dubai conducted property transactions in 2013, according to the latest report by Dubai Land Department. Besides Emiratis, the largest group, there was a large variety of nationalities – Pakistanis, Indians, British, Egyptians, and others. Approximately 21 percent of all realtors were women.
According to Yousif Al Hashimi, Deputy CEO of the Real Estate Regulatory Agency (RERA) at Dubai Land Department, the large number of real estate brokers in the emirate is an indication of the promising potential of the sector. Clearly, real estate in Dubai is a very attractive area to start and build a career. The report also reveals the high levels of realtors’ confidence and expectations, supported by local legislation that serves as a guarantee for their rights on the market.
Of all 2,238 brokers working in Dubai as of 2013, 621 were Emiratis, or approximately, 28 percent. Another 340 were Pakistanis, while 336 of them were Indians and 177 – British nationals. There were 134 Egyptians and also people from Iran, the Philippines, Russia and Uzbekistan. 21 percent of real estate brokers were women (468), a number, considered quite positive in comparison with other spheres, where many professions are not so popular among women. The reason for this is, according to Mr. Hashimi, the “transparency of the market”, as well as of course, the safe and positive business environment, provided by specialized laws and regulations.
Earlier this year, Dubai Land Department reported that for 2013, Dubai’s real estate brokers claimed commission of around AED 1.8 billion (or $490 million). The total amount of real estate transactions during the previous year went up from AED 154 billion in 2012 to AED 236 billion, or $64.2 billion. The major reasons for such impressive numbers for 2013 is the growth of the market, the optimistic outlook among investors, the large number of DLD initiatives, as well as Dubai’s winning the bid to host Expo 2020.
Read more: Real Estate Brokers in Dubai Earned AED 1.8 Billion in 2013
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