Dubai hosts 8,000+ realty firms

dubai — The real estate sector has grown into a significant component of the economy in Dubai and the number of companies engaged in real estate and related activities in Dubai has now reached 8,011, including more than 680 real estate developers.

According to the Business Registration and Licensing (BRL) sector in Dubai Economy, the emirate’s real estate sector has expanded substantially since 2001 with a 22.4 per cent growth recorded within the last five years alone.

Real estate brokerage accounts for 43 per cent of all activities (5,755) recorded in the sector since 2011, followed by real estate leasing and rental (18 per cent, or 2,373 activities). There have been 1,390 activities relating to sale and purchase of lands and properties, 1,285 relating to property management and leasing, followed by 740 relating to supervision services, 682 real estate development activities, 585 leasing and real estate management services for third parties, 163 related to real estate consultancy and 106 activities relating to administrative supervision of owners’ associations. Moreover, real estate companies are engaged in other activities such as mortgage brokerage, real estate valuation services, real estate exhibitions, real estate registrar, real estate auctions, real estate survey services, real estate inspection services and real estate service trustees.

The last five years stand out in the number of real estate companies that entered the market — 2,766, or 34 per cent of the total, as against 2,260 companies that came on stream during 2007-2011 and the 1,855 registered during 2002-2006.

— business@khaleejtimes.com