Aldar backs first Middle East Property Research Society

The Property Research Society (PRS) is being looked at with support from the UK-based Society of Property Researchers.

The PRS has as its stated aims to provide a forum for researchers into the regional property sector, and to gather and share data and resource tools on the market.

'The dramatic transformation of the real estate market in the UAE through both construction and investment activity has driven demand for high quality research that has, to date, been difficult to satisfy, often as a result of market practices and conditions,' said Aldar CEO John Bullough of the launch.

'As a result, we are delighted to support the creation of the Society here in the Middle East and encourage all interested parties to take an active role.'

The creation of a local cross-company research body is seen as a positive step in a market that has often been seen as unnecessarily opaque when compared to established property sectors.

'It's a very important thing to do, in terms of moving forward in terms of transparency,' Sorouh Real Estate's Chief Property Officer Gurjit Singh told AME Info. 'Such an association would be good for reinforcing transparency and reinstate confidence with real estate investors.'

Although Abu Dhabi's real estate sector has not suffered from the fall out of the current financial crisis as much as Dubai's, due to the high supply and demand imbalance, investors across the region have still adopted a 'wait and see' approach to new developments.

Initiatives such as the PRS are aimed at giving market watchers the necessary confidence in local projects to keep the market buoyant.

'This initiative is particularly important during these times. When an economy or market sector is booming the research is not as thorough given that everyone is benefitting from the boom. However, during a downturn only those companies who have carried thorough, well thought out research and are thus able to make well informed decisions on whether a specific project should go ahead or whether the demand is there for a particular product, will survive,' Charlie Acworth, Aldar's head of research, told AME Info.

'The quality of research in the UAE to date has not been up to the standard one might expect compared to the UK or US and we felt that setting up a society like this could also help raise the bar on research. Also, given the lack of transparency in the market, it is important to find ways of sharing information where we can so that everyone can benefit from it. This could lead to a possible industry-wide database.

'Our objectives are expected to be met through social events, educational seminars and workshops. Prominent leaders from within the industry both from the academic and private sector will be invited to present current research, ideas and developments in the market place.

'Of course the objectives or the role of the Society could be extended or changed to suit the demands of the real estate community here.'


See also:
Sorouh to aid sub developers 'if necessary'
Abu Dhabi 'able to finance' all current real estate projects
Abu Dhabi developers change focus to suit financial constraints