Out-Law News | 10 Sep 2019 | 10:57 am | 1 min. read
The Dubai government is forming a new committee which will be charged with creating a comprehensive plan for developing the real estate sector in the country.
The Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum issued directives earlier in September to establish the ‘Higher Committee for Real Estate Planning’.
The committee’s establishment is part of a wider move to increase the competitiveness and attractiveness of the real estate sector in Dubai.
The committee will assess the state of the real estate sector, study the needs of the market, evaluate all future real estate projects, develop an integrated plan for the real estate sector to regulate and control the pace of projects, and seek to achieve a balance between supply and demand. It will also direct real estate entities to develop new innovative projects focused on quality rather than quantity.
Real estate expert Philip Corfield-Smith of Pinsent Masons, the law firm behind Out-Law, said the committee’s establishment was a welcome initiative.
“It will benefit the real estate market in Dubai in that there will be a centralised body responsible for evaluating new projects and the supply of real estate more generally," Corfield-Smith said. "It will likely ensure a more considered approach in respect of the focus of future development and assist in identifying demand and therefore help to reduce the risk of oversupply and sharp corrections in the market.”
The committee will be chaired by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the deputy ruler of Dubai and first deputy chairman of the Dubai executive council. Other members will include the general secretariat of the Executive Council of Dubai, the Dubai Land Department, and a number of semi-government real estate developers.
Sheikh Maktoum said real estate was one of the most important sectors for the Dubai economy, and the committee would aim to enhance its competitiveness for the benefit of other sectors.