Dubai Ruler announces new committee to balance real estate market

The committee will develop a strategic plan for all major real estate projects in the emirate over the next 10 years
Dubai has announced the formation of a new real estate committee to ensure balance in the emirate‟s property market. The announcement was made on Twitter by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
The committee will aim to achieve a balance between supply and demand in the real estate sector and also ensure that semi-government real estate companies do not compete with private developers, Sheikh Mohammed said.
“It will develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next 10 years,” he added.
The committee will be headed by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai, and will include senior developers, he said.
The announcement comes after Sheikh Mohammed shared a letter on the “new season”, highlighting six major guidelines for government officials and leaders in the UAE.
While the guidelines covered aspects such as Emiratisation and social media, Sheikh Mohammed also stressed that the country needed to come up with “quality projects” and “exceptional ideas” to boost the economy.
“Real estate projects need to be paced right to bring added value to the national economy so as not to become a burden and a source of imbalance in our economic process,” he said.
Sultan Butti bin Mejren, the director general of the Dubai Land Department said that the establishment of the new committee will help “take the real estate market to the next level” and “create a sustainable environment for investors and companies in the sector”.
“Controlling supply and demand will be the key to real estate sustainability for the coming years, along with dependence on proper planning, especially as it is the first guarantee factor that helps us to reach the objectives of our plans and predefined strategies with great precision,” he said.
Other industry experts also lauded the move. Niall McLoughlin, senior vice president, Damac Properties, said: “The real estate committee will have a positive impact on the real estate sector and enable effective urban planning. As the industry continues its road to recovery, key initiatives will undoubtedly help in accelerating the upturn.
“The real estate market is maturing, and as a key driver of the economy, the introduction of government initiatives such as this committee, will help achieve balance and efficiency, enabling the city‟s progress towards its long term goals,” he added.
Lewis Allsopp, CEO of Allsopp & Allsopp said the move will bring regulation which will cater the supply towards what is going to add value to the economy.
“Therefore it will limit the potential of an influx of supply that there may only be limited demand for,” he said.
“The interconnectivity of different real estate developments will bring more selection and choice to the market leading to inevitable interest from outside investors and add excitement to the residents of Dubai.”
Shaikhani Group is working in Dubai since 1993, there was a time where 2000 Companies came and registered themselves as Real Estate Developers, In today‟s time very company survived, because of rules and regulations of Dubai, Shaikhani is one of them who are still working in Dubai, this step which our leader of Dubai took it. That‟s the best because it will control the demand and supply, moreover it would be very beneficial for the customer to have a variety of his choice in the same price plan. Dubai is a vast city where every culture lives in and Dubai‟s government is taking actions to make sure it will be beneficial to all cultures.
They have different projects which are still in progress soon it will be handover, those projects are Gardenia, Champions Tower 3, Cambridge Business Centre and others are in pipeline. This is the benchmark and trustiness of the company that if you invest with them, it will be secure and fruitful in future. Further details visit their website www.shaikhanigroup.com

https://gulfbusiness.com/dubai-ruler-announces-new-committee-balance-real-estate-market/

#Shaikhani #Shaikhanigroup #Realestate #Gardenia #gardeniaresidency #dubai #Dubaiestate #Memongroup #Investment #apartment #expo2020 #Goodreturns #Rental #Secure #ROI  #Realtor #Homeforsale #Househunting #Broker #Newhouse #Forsale #Property #Listing

Dubai announces 10 real estate guidelines;

 here's how they will affect you The rules aim to protect the interest of the country, the industry, as well as the consumers. The Dubai Land Department (DLD), through its Real Estate Regulatory Agency (Rera), has issued a circular to real estate companies requiring them to abide by the 10 principles of business ethics in real estate. (Check apartments for rent in UAE) In the first principle, Rera emphasized the trust that real estate firms should uphold to maintain and enhance the confidence of real estate stakeholders as well as recognize that their conduct bears upon the maintenance of public trust in Dubai's real estate market, helping it rise to the highest global levels. The second principle discusses confidentiality and privacy, where real estate firms shall not disclose or use any confidential information without prior permission unless such disclosure is required by laws. This ultimately means that Dubai's real estate market maintains its reputation as one of the best investment havens in the world.
The third principle in the circular was about the conflict of interests, meaning real estate firms shall take appropriate measures, including the disclosure and transparency before and during the performance of their duties in case of any conflict of interest. Firms are also expected to work with the highest levels of honesty and fairness in treating their customers, regardless of race or religion, as dictated in the fourth principle. This ensures and supports Dubai's real estate sector in attracting foreign direct investment (FDI) to strengthen the national economy for the benefit of all economic sectors. Marwan bin Ghalita, CEO of RERA, stressed that the fifth principle focuses on integrity, where real estate firms shall act with integrity and base their professional advice on relevant, valid, and objective evidence. The sixth principle is lawfulness and compliance, where real estate firms shall comply with all legal and ethical requirements applied in Dubai and the UAE to ensure customer satisfaction. He stressed that providing professional service came as the seventh principle to ensure that the concerned companies provide high-quality real estate services and professionalism to ensure customer satisfaction. In this regard, he mentioned the initiatives launched by DLD to continuously support the performance of companies, including the development of the latest applications and the adoption of the latest modern technologies. In the eighth Principle, RERA required companies to commit to transparency by being open and accessible, not mislead or attempt to mislead, and shall not misinform or withhold information regarding products or terms of service. This came in line with the general climate prevailing in the UAE in general and Dubai in particular. The ninth principle summarised the rights and assets protection, where real estate firms shall strive to protect their customers' rights and assets related to the duties performed. This is the aspect that is ensured by the laws and legislations issued by the
Government of Dubai, and closely followed by DLD across its various sectors and departments, especially the Rental Disputes Centre. The circular concluded with the tenth principle, social responsibility, whereby real estate firms shall be active members of the society and work to respect the values and principles of the society. Firms shall strive to make sure that their community initiatives help making Dubai and their services will support the growth of real estate development of the Emirate and ensure customer satisfaction.
Shaikhani Group welcomes the take step by Government of UAE. This step will leads to new path for the people who are eagerly looking to spend their life in the UAE for longer time with less hassle, said Ahmed Shaikhani, who is also the head of Shaikhani Group. Moreover, Ahmed Shaikhani revealed that soon Shaikhani Group is in process of finishing their two projects worth above AED 200 Million by 2019 and more things are in pipeline. Shaikhani Group is looking to invest more money in the real estate sector.
Ahmed Shaikhani Group Managing Director of Shaikhani Group says it will be another good step of UAE government to allow the expatriates to stay in the country after they got retirement on a condition of owning a property valued at about $545,000.
This way customers and companies become more align to their path and try to finish off their work otherwise they know they will face a lot of problems. Thanks Dubai government to keep everyone equal and updated

https://www.khaleejtimes.com/business/real-estate/dubai-announces-10-real-estate-rules-heres-how-they-will-affect-you

#Shaikhani #Shaikhanigroup #Realestate #Gardenia #gardeniaresidency #dubai #Dubaiestate #Memongroup #Investment #apartment #expo2020 #Goodreturns #Rental #Secure #ROI  #Realtor #Homeforsale #Househunting #Broker #Newhouse #Forsale #Property #Listing

Dubai's real estate to drive its own growth in coming years

For developers, it is vital to align their strategies to the long-term aspirations of the city.
Dubai's real estate sector has all the ingredients in place to drive its growth in the coming years due to timely measures introduced by the government to offset the impact of a slowdown in the global economy, a top industry executive said.
Ali Sajwani, general manager for operations at Damac Properties, said the sector will benefit from a mix of activities like the upcoming Expo 2020 Dubai, pro-investment government initiatives and the city's long-held reputation as a preferred investment destination.
"For developers, it is vital to align their strategies to the long-term aspirations of the city. We need to build for the future, and that takes a deep understanding of what customers and investors are looking for," Sajwani told Khaleej Times in an interview.
The 27-year old scion has been deeply involved in the family business from a young age and currently leads a number of internal working groups at Damac, which oversee
international developments, Damac Maison Hotels & Resorts, as well as quality audit and quality control.
Present state of property
Sajwani said the best way to summarise the state of Dubai's real estate sector is that the industry is maturing. Considering the cyclical nature of the industry, the correction in prices has further amplified the market's appeal to investors with more than half the real estate transactions in the first five months of 2019 coming from new investors.
He said the optimism around an expected uptick in real estate has prompted many investors to enter the market. Moreover, with the government's efforts to transform Dubai into a long-term destination for residents, many end-users are finding this to be the right time to make their dream of owning a home in Dubai a reality.
"We can already see solid signs of recovery as property prices in certain areas start picking up. The market remains favourable for buyers, and this year, residential transactions reached a four-year high during the summer season. With the countdown to Expo 2020 Dubai beginning in October, we are very optimistic about the industry's growth in the coming few years," the young entrepreneur said.
Expo 2020 impact
To a question, he said Expo 2020 has already helped in furthering Dubai's presence as a word-class global city. With over 20 million visitors expected to come to Dubai by 2020, the Expo is expected to provide a significant boost to the various sectors including the hospitality sector.
"As we draw closer to the event, and with progressive government intervention and reforms, we are already seeing a significant increase in foreign interest and investments. We hope that the positive impact of the event will be felt across all sectors of the economy," he said.
Market oversupplied
Sajwani, an entrepreneur with a diversified portfolio, said the market is oversupplied for the moment, but "we must remember that we are approaching the end of a softer real estate market cycle", and the market is witnessing a lot of encouraging activity.
"What the industry should now focus on is creating the right kind of supply that is aligned with what investors and buyers are looking for. The city saw a sharp increase in real estate transactions and investments in the first five months of 2019 driven by competitive product offering and positive initiatives by the government such as the introduction of long-term visas for professionals and investors," he said.
"In the first half of 2019, Dubai registered a 135 per cent growth in FDI, which is a sure sign of great things to come. We are going to see more jobs and a greater influx of people entering the city, which will hopefully lead to an increase in demand for real estate," he added.
Right balance
To a question, Sajwani said the establishment of the Higher Committee for Real Estate is also a positive move that will encourage investor confidence.
"The committee will play a key role in creating balance in the supply coming into the market and in setting an agenda for the long-term growth of the sector. The development of a strategic plan for upcoming projects will help align the industry to Dubai's long-term objectives. He said the initiative will boost investors' confidence and pave the road ahead for Dubai's real estate sector. The impact of the Higher Committee can already be seen with Dubai witnessing a 134 per cent rise in sales transactions within days of the committee's establishment, he said.
About the new Dubai law for joint real estate ownership, he said the new regulation that has been issued to regulate the joint ownership of real estate in Dubai will add to the reputation of transparency that Dubai's real estate sector is well known for, and it will ensure the rights of all parties and serve as a significant boost for investors' confidence.
40K units in pipeline
Sajwani says 2019 has been a busy year for Damac with the commencement of handovers of key projects such as Ghalia - its first Shariah-compliant development - and the Claret cluster at Akoya.
"We have handed over close to 1,500 units this year and awarded contracts worth nearly Dh500 million in the first half of the year for the completion of key projects," he said.
"Earlier this year, we also launched Zada, our luxury residential project overlooking Dubai Water Canal in Business Bay."
So far, Damac has delivered close to 26,000 units since its inception in 2002. "We have close to 40,000 units across residential and hospitality projects that are in various stages of the development, and our focus will continue to be on execution. We are also always on the lookout for lucrative opportunities in local and global markets," he said.
To a question about raising funds through bonds or sukuk, he said Damac has always focused on maintaining liquidity and cash flow.
"Right now, we are focused on keeping our pace of deliveries and paying down debt. The requirement of raising funds through sukuk or bonds are evaluated by our team of financial experts and acted upon accordingly," he said.
Shaikhani Group said, this coming year would be the best year for the Dubai. Reason is Dubai 2020 expo is coming. It will be a boom for every industry. Moreover, they are trying their best to increase the productivity of theirs projects so it will handover by the end of this year….
Shaikhani Group explained, Dubai is known by doing things on right time, they come up with those ideas where people think‟s it is not possible, long time ago Dubai was a desert, now no one can say this was a desert. People love to visit Dubai for holidays, because all facilities are there including security which is a basic necessity of life.

https://www.khaleejtimes.com/business/real-estate/dh41-million-luxurious-villa-sold-in-dubai

#Shaikhani #Shaikhanigroup #Realestate #Gardenia #gardeniaresidency #dubai #Dubaiestate #Memongroup #Investment #apartment #expo2020 #Goodreturns #Rental #Secure #ROI  #Realtor #Homeforsale #Househunting #Broker #Newhouse #Forsale #Property #Listing