Just recently, Dubai made an announcement of introducing a new real estate committee. This is done so as to balance the supply and demand in the Dubai property market. The announcement was made by the UAE Vice President and Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum on Twitter. He will also be the head of this committee together with his team and some senior developers.
This newly formed committee will not only achieve to find a balance in the real estate sector, but it will also make sure that any semi-government real estate agencies and companies will not compete with any private developers. He also added that the committee will make a strategic and comprehensive vision and plan for all upcoming real estate projects planned in the emirate for the coming 10 years.
This announcement was made after Sheikh Mohammed bin Rashid Al Maktoum gave a letter on the “new season” where there are 6 highlighted major guidelines for government officials and leaders in the UAE.
Some aspects of the guidelines talked about social media and Emiratisation, but the Dubai Ruler stressed out that the country needs to also create exceptional ideas and quality projects that would boost its economy. He added that real estate projects should be paced correctly so that these will not burden the economy which is one of the reasons why there is an imbalance in the country’s economic process.
According to the director-general of the Dubai Land Department, Sultan Butti bin Mejren, this committee will be able to help and take the real estate industry to the next level wherein sustainable environment for companies and investors are planned. And while there is an influx of investors here, for instance, off-plan properties in Dubai which are headed by several Dubai real estate agencies, with the committee finally established, supply and demand in this sector would be regulated.
Dubai’s real estate sector is maturing, making it a primary influencer in its economy. That’s why the introduction of government committees just like the one that’s led by Sheikh Mohammed bin Rashid Al Maktoum is an excellent move that would surely benefit the entirety of the city's economy.