Dubai Property Society hosts panel discussion on 'Freehold Property Legislation in Dubai Real Estate Market'

Titled 'Freehold Property Legislation in Dubai Real Estate Market', the event was held on 24 May at the Park Hyatt's Creek Ballroom.

Moderated by Adel Lootah, Executive Director of Dubai Property Society, the panelists at the discussion included Duane Keighran, Deputy Head Real Estate, Simmons and Simmons; Gary Bugden, Executive Chairman, PRDnationwide Middle East Real Estate LLC; Jimmy Haoula, Partner, Bin Shabib and Associates; and Michael Lunjevich, Partner, Hadef and Partners.

The discussion focused on the latest amendments to the federal and local laws that impact the real estate industry. The panel also explored the ramifications of law changes and discussed ways to ensure the effective implementation of the current regulations. The floor was then thrown open to the media as well as DPS members in an interactive session.

Adel Lootah said:

"Recent changes in freehold property laws and legislation regarding the status of property owners have proven effective absorption in the market. As an organisation comprising results-oriented professionals, we believe it is our responsibility to effectively address these issues in a comprehensive and objective manner."

"Dubai Property Society boasts a rich portfolio of industry experts among its members whose expertise can be tapped for the larger interest of the community. With such a strong base, we have the capability to continue working towards our mission to raise market standards in Dubai and the UAE, and this networking event amply demonstrates our dedication to raise the standards of the real estate industry," he added.

Duane Keighran said, "By introducing pragmatic laws and working towards timely implementation, Dubai is attempting to develop a more organized and systematic environment for the real estate market to operate within. This will assist in the recovery of the real estate market by promoting future investment, and the measures taken will prove to be conducive to the sustained growth of the sector, which will also benefit Dubai's wider economy in the long term."

Gary Bugden said, "The exciting thing about Dubai's new jointly owned property regime is the opportunity developers will have to structure their projects in a way that creates liveable and sustainable communities of benefit to all stakeholders. The challenge will be to ensure that developers recognize and pursue that opportunity."

Michael Lunjevich said, "The laws governing the UAE real estate sector are designed to regulate the industry for creating a stable and sustainable property market. In safeguarding the interests of developers, we are confident the regulations will boost investor confidence and eventually prove favourable to all stakeholders."

Jimmy Haoula said, "Law No.9 of 2009 had a positive effect on the Dubai real estate market. It has positively impacted both developers and investors by providing better security to the party who is performing its general obligations under the real estate reservation or sale and purchase agreement."

"Unfortunately, however, the law has come short of expectations as there remain various realty issues which need proper clarification and regulation. Moreover, the law remains unclear in certain aspects which we have raised with RERA. We are now awaiting the enforcement of the Implementing Regulations to the law which will, apparently, rectify such shortfalls," Haoula added.

Established in 2000, Dubai Property Society (DPS) was launched with a mission to energize business relationships through networking events, informative lectures and awareness seminars on industry issues for the holistic benefit of each member of the society and the community at large.

The organisation currently boasts a membership base of over 270 real estate professionals and provides access to a vast network of property owners, developers, managers, advisors, brokers, finance houses, banks, hotel owners and operators, insurance companies, IT and technology solution providers, as well as mall owners and operators.