Dubai Chamber forum discusses real estate issues

The meeting brought together stakeholders from property firms, law firms, master developers, sub-developers and Government officials to discuss how recent developments in the real estate sector have affected the broader business community.

Headed by Dr Belaid Rettab, Senior Executive Director, Economic Research and Sustainable Business Development Sector, Dubai Chamber, the forum provided a platform for dialogue amongst public and private entities to help clarify current real estate regulations, to share planned policy changes and development plans of Dubai, and to learn about the experiences of the stakeholders.

The meeting covered various topics confronting the real estate sector and included postponement of projects, handover issues between various parties, service fees levied by developers, major lessons learned by the real estate sector, and ways to prevent similar issues from recurring in the future.

With its goal of providing clarifications and to promote understanding and transparency in the real estate sector, the roundtable generated feedback and recommendations on solutions for improving business within the sector.

Said Dr Belaid,

"The real estate sector has played a major role in the economic development of Dubai while we applaud the members' contribution we also acknowledge the hardships the sector is facing and are doing our best to mitigate the effects as we will communicate their concerns and recommendations to the concerned Government authorities."

Said Jesse Downs, Director Research & Advisory Services, Landmark Properties, "In these challenging times, it is critical to foster dialogue between industry stakeholders as bringing them together in such a forum creates a more participatory process which fosters a broader understanding of diverse experiences and perspectives which can facilitate effectual progress in the local real estate industry."

Jeremy Scott, an Associate of Al Tamimi & Company, informed that purchasers and developers have both been impacted by liquidity problems brought about by the financial crisis and the lack of confidence in the real estate market. In these circumstances Law No 9 of 2009 clarified what is expected of developers and purchasers and gave both an incentive to honour their commitments.

He said, "Whilst uncertainty remains developers and purchasers in Dubai have in many cases come to acceptable settlements and this trend should continue as both Developers and Purchasers have a wider range of options open to them due to improving market sentiment and liquidity"

Added Sydene Helwick, Partner - Property Department of Al Tamimi & Company, "It is important for stakeholders to come together and discuss issues pertaining to the property market as a result of the liquidity problems brought about by the financial crises as together unique solutions can be found to these issues and confidence in the real estate market can be restored".

The Business Support Department, which organised the roundtable at Dubai Chamber, works to improve the business environment for businesses and stimulates its business support services by organising seminars, roundtables, training workshops, business counseling and credit rating services.