Property market 'to emerge stronger' after crisis - experts
Categories: Real Estate
Dubai’s property market has taken a beating but could emerge from the economic crisis stronger and more transparent, leading legal and financial experts have predicted.
They were taking part in the Cityscape Connect business breakfast ahead of Cityscape Dubai.
Attended by more than 150 property executives, legal advisers and investors, the business breakfast was called to explore the challenges facing the Dubai real estate market.
The initiative has been introduced to stimulate networking, transparency and open debate on the key issues affecting the Dubai real estate industry which has dramatically changed market dynamics and growth prospects since last year's Cityscape.
Lisa Dale, a partner in legal firm Al Tamimi & Company, said: “As we come out on the other side of the economic troubles we are in at the moment, Dubai will have a more regulated and much more transparent real estate system.”
New laws and regulations, both at Dubai government and at federal level, will emerge in the coming few months establishing more clearly the rights of property owners, she added.
In addition, she said the Dubai Land Department is developing one of the most sophisticated and transparent online property transaction systems.
“These things are going on now and will come into effect in the next few months,” Dale said. “As we emerge, Dubai will have a more regulated and transparent jurisdiction than now.”
Sohail Zubairi, CEO of Dar Al Sharia Legal and Financial Consultancy, said Dubai would emerge much stronger “if we regulate ourselves properly".
Barmak Besharaty, MD of Almas Capital, highlighted speculation and reliance on off-plan sales as one of the main reasons for the problems in the Dubai market.
Dubai would become a better place to live when the price of property and levels of rent fell to levels affordable for the vast bulk of the population living and working in the UAE, he said.
Rohan Marwaha, MD of the Cityscape series, said: “While there is a slowdown in the market, there remains a substantial growth pattern across most of the region – which is something many other parts of the world will struggle to achieve.
"On a regional and global level, it will be those companies that carefully plan in the down market which will recover fastest and further post-recession.”
Cityscape Dubai, now in its eighth year, drew a record of more than 70,000 visitors over four days last year.
They were taking part in the Cityscape Connect business breakfast ahead of Cityscape Dubai.
Attended by more than 150 property executives, legal advisers and investors, the business breakfast was called to explore the challenges facing the Dubai real estate market.
The initiative has been introduced to stimulate networking, transparency and open debate on the key issues affecting the Dubai real estate industry which has dramatically changed market dynamics and growth prospects since last year's Cityscape.
Lisa Dale, a partner in legal firm Al Tamimi & Company, said: “As we come out on the other side of the economic troubles we are in at the moment, Dubai will have a more regulated and much more transparent real estate system.”
New laws and regulations, both at Dubai government and at federal level, will emerge in the coming few months establishing more clearly the rights of property owners, she added.
In addition, she said the Dubai Land Department is developing one of the most sophisticated and transparent online property transaction systems.
“These things are going on now and will come into effect in the next few months,” Dale said. “As we emerge, Dubai will have a more regulated and transparent jurisdiction than now.”
Sohail Zubairi, CEO of Dar Al Sharia Legal and Financial Consultancy, said Dubai would emerge much stronger “if we regulate ourselves properly".
Barmak Besharaty, MD of Almas Capital, highlighted speculation and reliance on off-plan sales as one of the main reasons for the problems in the Dubai market.
Dubai would become a better place to live when the price of property and levels of rent fell to levels affordable for the vast bulk of the population living and working in the UAE, he said.
Rohan Marwaha, MD of the Cityscape series, said: “While there is a slowdown in the market, there remains a substantial growth pattern across most of the region – which is something many other parts of the world will struggle to achieve.
"On a regional and global level, it will be those companies that carefully plan in the down market which will recover fastest and further post-recession.”
Cityscape Dubai, now in its eighth year, drew a record of more than 70,000 visitors over four days last year.
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