Panelists at a session on “Expo 2020 — Economic Impact Pre and Post 2020” discussed how the announcements of new theme parks, hospitality projects and infrastructure upgrade were indicative of a planned approach by the authorities - the benefits of which would continue long after the Expo ended.
Dubai is not only eyeing long-term developments in the city, but also looking at transforming the market, making it one that is more conducive to investment. In fact, a new law - the Real Estate Investor Protection Law - is currently before courts and is waiting to be approved, according to an official from the Dubai Land Department (DLD). Under the law, investors would receive greater protection in cases where they find their money has been placed with an unscrupulous investor or one that has failed to deliver on its promises, attracting more international business to the Emirates.
The emirate is also focusing on achieving greater stability, learning from previous mistakes made. Supply additions are expected to outpace demand over the next few years and may lead to increased price stability, Standard & Poor's Ratings Services said in a recent report. The agency noted that while market sentiment may drive prices in the near term, the amount of new supply will be the key to the market developments going forward.
This is clearly a turning point for Dubai's real estate market with new laws in development and the city being transformed to better cater to end-users. It is clear that the city has not only changed itself, but has taken the lead in the region with GCC residential property markets showing improved performance over the past few years. Attracting international business to the region, Dubai is set to create real change for not just the UAE, but the entire GCC.