Emirati ruler calls for ‘revamp’ in supply of real estate developments
The ruler of Dubai issued a directive this week calling for future property developments in the emirate to be put under greater scrutiny.
A committee has been formed to carry out Sheikh Mohammed bin Rashid Al Maktoum’s order bringing construction projects in the emirate to a more sustainable rate.
Such a 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 achieve a balance between supply and demand,” emirate officials said in a statement.
“It will also direct real estate entities to develop new innovative projects focused on quality rather than quantity,” the statement added.
The order is part of a wide-ranging set of directives outlined Saturday in an open letter by the sheikh to United Arab Emirates officials.
“Real estate projects need to be revamped to bring added value to the national economy and so as to not to become a burden and a source of imbalance in our economic process,” Sheikh Mohammed wrote.
Around 21,000 residential properties have been completed in the first six months of 2019, but villa and apartment prices are not keeping pace, sinking 12 percent from those two years ago, according to Property Finder via AP.
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