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Dubai’s Property Sector Seen Stronger after Crisis

DUBAI — Dubai could emerge from the economic crisis stronger and more transparent as a result of a slew of measures currently being implemented by the government, leading legal and financial experts said.

They were taking part in the Cityscape Connect business breakfast on Wednesday ahead of Cityscape Dubai from October 5 to 8, 2009, at the Dubai International Exhibition and Convention Centre. Attended by more than 150 property executives, legal advisers and investors, the meeting was convened to explore the challenges facing the Dubai real estate market.

The “not for profit” Cityscape Connect initiative has been introduced to stimulate networking, transparency and initiate debate on the key issues affecting the Dubai real estate industry which has dramatically changed market dynamics and growth prospects, organisers of the event said in a statement.

“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,” Lisa Dale, a partner in legal firm Al Tamimi & Company, said.

New laws and regulations, both at Dubai government and federal levels, will emerge in the coming few months establishing more clearly the rights of property owners. In addition, the Dubai Land Department is currently in the process of developing one of the most sophisticated and transparent online property transaction systems, she added. “These things will come into effect within the next few months. As we emerge, Dubai will have a more regulated and transparent jurisdiction than now,” Dale said.

Sohail Zubairi, CEO of Dar Al Sharia Legal and Financial Consultancy, agreed saying that Dubai would emerge much stronger “if we regulate ourselves properly.”

Barmak Besharaty, Managing Director of Almas Capital, pointed to property speculation and reliance on off-plan sales as one of the main reasons for the current problems in the Dubai market. Nevertheless, he was bullish on the longer term prospects.

He said, “Dubai will become a better place to live” when the price of property and levels of rent fall to levels affordable for the vast bulk of the population living and working in the UAE.

Rohan Marwaha, Managing Director of the Cityscape series, said: “As the largest event of its kind in the world, it is crucial in these times of economic uncertainty that Cityscape Dubai leads by example,” 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 post-recession.”

Cityscape Dubai, now in its eighth year, drew a record 70,000 visitors over four days in its previous edition.

business@khaleejtimes.com