Regulation, clear structures and international promotion are driving the resurgence of confidence in the Dubai Property Market, according to industry experts.
DAMAC Properties Senior Vice President, Niall McLoughlin says this morning that: “as the Dubai market recovers strongly it is important to have clear legislation which will instill confidence in overseas investors in particular.”
The Dubai Land Department, through its regulatory arm the Real Estate Regulatory Agency (RERA), has recently introduced a number of processes and legislation designed to inject confidence and trust back in to the Dubai Property market.
These include specific Escrow accounts for individual projects, providing residency to overseas buyers of property worth more than AED one million, ensuring that all lease contracts are registered through a government database and all transactions go through a centralized listing site for available property.
In an interview with Gulf News today, the chairman and CEO of Falconcity, Salem Al Mousa Al Mousa said that local and international investors are returning to the market because of firm foundations of the UAE economy and leadership across financial, banking, legal, real estate development and infrastructure levels.
His comments come in the week the World Bank released its ‘Ease of Doing Business’ Report‘, which has seen the UAE move from 33rd to 26th globally. Its Global competitiveness report added that the country was also the 12th easiest country to register property.
The World Bank report is a very well respected resource and senior analysis believe an improvement in the rankings can directly affect Foreign Direct Investment (FDI), helping to grow economies.
“Real competitive economies drive economic prosperity to its people,” said Abdullah Lootah, Secretary General of Emirates Competitive Council. “Federal and local government entities in the UAE have been exerting a great amount of effort to enhance processes and boost productivity and efficacy for the purpose of offering better service to the public.”
As the economy improves, infrastructure reaches completion in certain areas and tighter legislation is brought in, the real estate landscape in Dubai will continue to improve. Confidence is the vital factor in the success of any economy in the world. As the first investors return, more will follow, bringing liquidity back and increasing the pace of growth.
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