Dubai could rival major European cities within the decade as new legislation comes into market
Dubai’s long awaited real estate laws, covering owner associations, investments and transparency are restoring investor confidence in the Emirate’s real estate market.
Speaking ahead of the launch of Dubai Land Department’s (DLD) Tanweer initiative, senior association for The Legal Group, Ammad Naser praised authorities’ work to boost the market, particularly new legislation to protect investors; trust accounts; regulations on owners’ associations; and the Strata Law.
“RERA is making a number of choices and regulations that are actually helping the market to instil investor confidence again in Dubai,” said Naser, continuing to predict that traction currently seen in the market will lead to Dubai becoming an investment rival for major American and European cities within the decade.
“I see Dubai in five to ten years time at the same level as London, New York and Paris. You will always have an increment in the prices and values of properties; inward investment, especially foreign investment, as opposed to areas that are struggling at the moment,” he said.
Tanweer’s primary goals include encouraging market confidence through the protection of investors; attracting foreign investment; protecting transparency in transactions; promoting investor rights and overall reducing the volume of legal disputes.
“Prior to the Strata Law you would have found that developers were charging exuberant service charge rates. We have actually seen a reduction in service charges since the law was introduced and investors can actually see a difference with regards to the development they live in or have invested in,” Naser observed, commenting that the development of the law has been “fantastic”.
“One thing everybody has to remember in regards to its legal system is still in its early stages but the powers that be are realising that new laws need to be implemented.
“These sorts of small nuances that are helping the market regain its traction,” he added.