The emirate’s government has put forward a new initiative to combat the oversupply at the real estate market, and, for its part, has created a new committee specifically for the purpose of balancing demand and supply in the real estate sector, as well as preventing competition between semi-government and private firms, the Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktum said.
Over the last five years, real estate prices in the "future city" have declined by at least a quarter due to the deepening gap between supply and demand. Therefore, the tasks of the committee are as acute as possible.
Sheikh Mohammed also added that largest Dubai property developers will become members of the committee, and his deputy and son, Sheikh Maktum bin Mohammed, will head the new body.
The committee will also develop a strategy for the phased implementation of significant real estate projects over the next ten years, Sheikh Mohammed said.
Dubai has traditionally encouraged an open, competitive business. Therefore, it is not yet clear how the competition between semi-government and private firms could be prevented. Obviously, the committee will focus primarily on the performance of the large government and semi-state developers that dominate the Dubai real estate market.
Dubai has always been an important destination for foreign investment in Dubai real estate sector. It historically accounts for an average of 7 per cent of the gross domestic product of the emirates per year.
Therefore,
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