UAE Sets Up Real Estate Planning Committee

Among the strongest backbone of the UAE’s economy is its real estate sector. In line with the aim of the UAE government to ensure a robust growth of real estate in UAE, a new planning committee was set up.

A different directive was issued to form a higher Real Estate Planning Committee that would include the following:

• General Secretariat of the Dubai Executive Council
• Dubai Land Department
• Wasl Properties
•  Investment Corporation of Dubai
• Emaar
• Dubai Properties
• Nakheel
• Meraas and Nshama
• Meydan
• Dubai South
• Dubai Silicon Oasis Authority
•  Dubai Multi Commodities Center

The said planning committee was initiated by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai. He commissioned Shaikh Maktoum Mohammed Bin Rashid Al Maktoum, the Deputy Ruler of Dubai, to chair the newly formed committee.

There are three primary goals of the Real Estate Committee. These are the following:

·         Reduce the risk of real estate property oversupply

·         Give and find more space to private developers where they can build their credentials

·         Generate new ideas and plans laid out for the next 10 years

As you can see, the committee is there to regulate the Dubai real estate sector and ensure that planned initiative would be successfully achieved and executed.

To keep the real estate sector competitive, the committee meticulously identifies the needs of the real estate market. Moreover, the committee would sift through projects to avoid redundancy and duplication of property development. Since the committee is more concerned with quality over quantity, mega projects would specifically undergo careful examination. This is done to help companies generate a bigger return on investment.

The committee also works to lessen the competition between big developers and small private investors. According to real estate agents in Dubai, this gives smaller investors and developers the chance to grow their business and eventually become a major player in the real estate industry.

There are a few stages on how the committee would start their work. First, they need to assess the past and current situation of the real estate market. From there, they would also study the current and future needs of the sector. Finally, they would develop new plans on how to regulate and control the speed of new real estate constructions to achieve a balance between supply and demand.

From an investor perspective, this is a huge opportunity to invest in the current market for bargain prices and wait till the regulation by the real estate planning committee impacts the market positively resulting in higher values for properties and better ROI. The current surplus market is the right prospect for new investors to find affordable ready-for-handover properties as a future investment.

There is more to know about the new real estate planning committee and how it will affect the future of the real estate industry in Dubai. If you want to discuss your options as an investor, you will love speaking to Rocky Real Estate.

As one of the best real estate companies in Dubai, they have some of the most competent real estate agents who have decades of experience and solid knowledge of the market. Discuss with them your investment goals and let them guide you in making the right business decisions.