National Properties says regulation will help sustain growth in property market

Delivering his keynote address Mr Lootah said the UAE real estate sector has come a long way in a short period with laws and regulations supporting a vibrant and attractive market. He went on to emphasize the current evolution in the regulatory environment has come at the right time as it will continue to support the sector's international profile.

"The UAE has a rapidly evolving and maturing real estate market. As an emerging global player, the current changes to the regulations in the real estate sector involve adopting international best practices, which will develop the confidence of all stakeholders in the industry and attract more investors from around the world.

"As the regional economy and its population grows the property sector will require more investment to meet demand. To satisfy this, both investor confidence and understanding are vital and can be generated by a regulatory environment that provides transparency," Mr Lootah said during his address on 'Laws and regulations, and their impact on the real estate sector.'

He noted the recently set up Real Estate Regulatory Agency (RERA) in Dubai, the Trust Account law and the imminent strata law together will set uniform practices, elevate standards, protect property value and promote ethical conduct of business and best practices.

"With RERA regulating all real estate activities, everyone involved, including investors, developers, contractors and property buyers will benefit from more openness in project management as well as cash flow management, reduced risks and cost, and prompt delivery.

"Meanwhile, the strata law will bring in internationally accepted strata management protocols to help protect property value and maintain quality of the living environment. All these will cement investor confidence, and keep the property market attractive," he added.

Mr Lootah also cited the recent launch of BCS Strata Management Services, a strata & facilities management joint venture between National Properties and the Prudential Investment Company of Australia (PICA) as proof of best practices being adopted in the UAE property sector.

BCS, the strata management arm of PICA is the seventh largest of its kind in the world and Australia's largest. BCS Strata Management Services will combine the international expertise of BCS with the regional strengths of National Properties.