'Property market matures'

Concerns may be rising over Dubai's rapid growth, but steps taken by the UAE government this time around proves that the market has developed, says one industry professional. The property market in Dubai is stable and moving towards becoming a more matured market due to “significant steps” adopted by the real estate regulator and the Central Bank of the UAE, according to an industry official.
Parvez Khan, chairman of Pacific Ventures, paid rich tribute to the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and in an interview with Khaleej Times, underlined the need to open up the banking sector for real estate to bring more stability in the market.
“The real estate market in Dubai is bit slow, but still lucrative and stable,” Khan told Khaleej Times ahead of his AED2.4 billion mega development launch in Dubai this week. With the launch of its new flagship development — The Royal Estates by Shah Rukh Khan — the company holds AED4 billion projects comprising of approximately 2,500 units that will be delivered by 2018.
“To achieve more stability in the market like in the developed cities — London, Singapore, Hong Kong, etc — banks too should have open up and introduce friendly policies like the ones in those cities. The banks here have to open up and encourage the right understanding of the concept of mortgage. At present many banks suggest credit card loans and auto finance loans, which is not sufficient to encourage people to invest/buy property in the city.”