Urban planning is critical to attract institutional investments
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Dubai’s real estate market is relatively ‘semi-transparent’ when compared with its Middle Eastern counterparts, but will have to continue the good work to invite more institutional investments.
Speaking at a conference recently organised at the International Property Show in Dubai, CEO for Jones Lang Lasalle’s MENA operations Alan Robertson said the emirate’s market has sufficient potential to grow and attract FDI.
“Transparency is critical to ensure foreign investors can confidently place their resources in a market,” Robertson explained. “It is a desirable facet to ensure increased market stability and a reduction in volatility. Since foreign investments free up the local capital, it is always advisable to publish as much data as is possible about property performance.”
Abu Dhabi, continued Robertson, has made its urban plan easily accessible on portals such as websites and other intelligence studies, adding this move is ideal for emerging markets which have potential for foreign buyers.
“Abu Dhabi’s urban plan is better recognised than Dubai’s is,” he explained. “Typically, a market’s long-term urban plan should be publicly available, and planning framework and infrastructure terms should not only be clearly laid out, but also implemented.
“Dubai’s market is back in its recovery and growth mode now. Good progress has been made since the market uncertainty of 2008-2009, but more work can be done to ensure Dubai grows to its full potential,” Robertson added.