THE FUTURE OF REAL ESTATE IS ABOUT TO CHANGE WITH HH SHEIKH MOHAMMED’S LATEST ANNOUNCEMENT
Great news for the future of real estate and the economy was announced yesterday by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who issued directives to form a committee under the chairmanship of Shaikh Maktoum Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, to bring about a balance between supply and demand in the real estate market.
This initiative aims to regulate the real estate sector in Dubai and avoid semi-government companies from competing with private investors hence making the real estate sector more attractive which will in turn will help the Dubai economy.
In addition, they want to ensure that real estate projects are not duplicated to avoid competition among big developers and private investors. The committee will also work to ensure the uniqueness of new mega projects to generate a positive return on the macroeconomics of Dubai.
The committee will evaluate the current real estate situation, look at the needs of the market, evaluate all future real estate projects, develop an integrated plan for real estate, regulate the pace of work on projects, and achieve a balance between supply and demand. It will also work with real estate developers to encourage them to develop innovative projects with a focus on quality rather than quantity.
The committee will include the General Secretariat of the Dubai Executive Council, Dubai Land Department and semi-government development companies include Investment Corporation of Dubai, Wasl Properties, Dubai Properties, Emaar, Meraas and Nshama, Nakheel, Meydan, Dubai Silicon Oasis Authority, Dubai South and Dubai Multi Commodities Center.
This positive announcement comes after Shaikh Mohammad issued a letter for the new season where he sends a strong message to all ministers, officials and leaders in the UAE highlighting six significant guidelines that need to be considered.
Looks like there are only good things to come. Looking forward to the new changes.