Dubai Real Estate Corporation (DREC) Reports Remarkable 28% Revenue Growth in 2024

The Dubai Real Estate Corporation (DREC) has announced an impressive 28% growth in revenues for the first ten months of 2024 compared to the same period last year. This growth underscores the strength of Dubai’s real estate sector, a cornerstone of the city’s economy, and highlights its role in driving the ambitious goals of the Dubai Economic Agenda D33.

Real Estate: A Key Pillar of Dubai’s Economy

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Chairman of DREC, recently emphasized the critical role of the real estate sector in achieving Dubai’s vision of becoming one of the world’s top three urban economies. He highlighted Dubai's resilience in adapting to global challenges and attracting high-quality investments and talent, cementing its position as a global hub for commerce and innovation.

Beyond its contribution to GDP, the real estate sector has far-reaching positive effects on infrastructure, tourism, and hospitality. Dubai's sustained momentum in real estate growth supports its ambition to be a future-forward city and a global benchmark for urban development.

Following are some major developments noted this year.

• Over 55,000 residential and commercial units in the DREC portfolio.
• More than 35 hotels supporting Dubai’s thriving tourism sector.
• 5,500+ industrial land plots, facilitating industrial growth and innovation.
• A vast pipeline of projects designed to cater to Dubai’s growing population and international appeal.

Commitment to Innovation and Investment

DREC remains committed to innovation and excellence, with a focus on creating flexible regulatory frameworks that attract investors. The emphasis on partnerships between the public and private sectors ensures a secure and supportive environment for investment, making Dubai a preferred destination for global investors.

The board meeting also highlighted the importance of digital transformation and sustainable development in the real estate and hospitality sectors. Future plans align closely with Dubai’s vision of becoming the ultimate lifestyle and investment destination, offering unparalleled opportunities for individuals and businesses alike.

What’s Next for Dubai’s Real Estate Sector?

With strategic plans for 2025 approved and a continued focus on innovation, Dubai is well-positioned to maintain its trajectory as a global leader in real estate, hospitality, and leisure. The city’s commitment to providing the best environment to live, work, and invest remains unwavering.

As Dubai continues its journey toward becoming a city of the future, DREC is proud to contribute to the emirate’s progress and success. The sustained growth and innovation in the real estate sector signal a bright future for Dubai and its residents.

Stay tuned for more updates as Dubai continues to lead the way in global urban development.