Dubai Ruler announces new committee to balance real estate market
Dubai has announced the formation of a new real estate committee to ensure balance in the emirate’s property market.
The announcement was made on Twitter by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
The committee will aim to achieve a balance between supply and demand in the real estate sector and also ensure that semi-government real estate companies do not compete with private developers, Sheikh Mohammed said.
“It will develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next 10 years,” he added.
The committee will be headed by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai, and will include senior developers, he said.
The announcement comes after Sheikh Mohammed shared a letter on the “new season”, highlighting six major guidelines for government officials and leaders in the UAE.
While the guidelines covered aspects such as Emiratisation and social media, Sheikh Mohammed also stressed that the country needed to come up with “quality projects” and “exceptional ideas” to boost the economy.
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“Real estate projects need to be paced right to bring added value to the national economy so as not to become a burden and a source of imbalance in our economic process,” he said.
Sultan Butti bin Mejren, the director general of the Dubai Land Department said that the establishment of the new committee will help “take the real estate market to the next level” and “create a sustainable environment for investors and companies in the sector”.
“Controlling supply and demand will be the key to real estate sustainability for the coming years, along with dependence on proper planning, especially as it is the first guarantee factor that helps us to reach the objectives of our plans and predefined strategies with great precision,” he said.
Other industry experts also lauded the move.
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Niall McLoughlin, senior vice president, Damac Properties, said: “The real estate committee will have a positive impact on the real estate sector and enable effective urban planning. As the industry continues its road to recovery, key initiatives will undoubtedly help in accelerating the upturn.
“The real estate market is maturing, and as a key driver of the economy, the introduction of government initiatives such as this committee, will help achieve balance and efficiency, enabling the city’s progress towards its long term goals,” he added.
Lewis Allsopp, CEO of Allsopp & Allsopp said the move will bring regulation which will cater the supply towards what is going to add value to the economy.
“Therefore it will limit the potential of an influx of supply that there may only be limited demand for,” he said.
“The interconnectivity of different real estate developments will bring more selection and choice to the market leading to inevitable interest from outside investors and add excitement to the residents of Dubai.”
Source: Arabian Business