IPS holds first Ramadan Real Estate Majlis in cooperation

International Property Show, IPS, the Middle East’s Biggest Property Sales Platform, has hosted the first Ramadan Real Estate Majlis where major developers from across the UAE came for an exclusive Suhoor Networking Night.

The event took place at Armani Hotel, Downtown Dubai and organised in collaboration with Dubai Land Department, DLD, under the theme: "Upgrading Real Estate Sector and Investment Promotion."

Present in the event was Sultan Butti Bin Mejren, Director General of DLD, who emphasised Dubai’s position as a safe haven for investors. He said, "There is 25 per cent increase in overall transactional activity in the real estate sector in the first quarter of this year, and we continue our efforts to spur development by providing a sustainable real estate environment that will attract investor confidence in the market."

Dawood Al Shezawi, CEO of IPS, said, "This gathering opens doors for a meeting of minds, and is a way to enhance the relationship of government and private sector to improve the real estate market. It is beneficial to deliberate on issues that affect the property market in order to have a better understanding of challenges at hand and come up with probable solutions."

An open dialogue facilitated by Dr. Hiba Jaber, Consultant at Dubai Real Estate Institute, DREI, offered the attendees an opportunity to network and discuss many factors confronting the real estate sector such as lower oil prices, a strong dollar-pegged local currency, banks policies on money transfers, reconsidering the mortgage cap set by the UAE Central Bank, possible effects of VAT in 2018, balancing supply and demand, incentives to investors, and affordability of housing for end-users.

Ahmad Thani Al Matrooshi, Emaar Properties Managing Director, emphasised the importance of working together in order to upgrade the real estate sector. "We have a strong appeal to international investors. As developers, we can do the marketing but we need the continuous support of DLD and banks in completing transactions getting the money abroad."

On the topic of controlling supply and demand in an effort to improve the market, Masood Al Awar, Chief Commercial Officer at Dubai Properties, said, "80 per cent of the demand will come from the international market. However, as of today, not even 50 per cent come from it which means that we still have a huge market to conquer and investors to attract moving towards 2020. So I think all developers will have enough demand for the supply they will put into the market."

"Indeed, it is important to have coordination between different stakeholders to control oversupply. We all have to work together hand in hand, in order to make sure that this market stays in good condition," added Essam Hasan Saleh, Jumeirah Golf Estates Executive Director for Business Development and Property Management.

In response to this,Marwan Bin Ghalaita, CEO of the Real Estate Regulatory Authority, RERA, commented, "With the rapid growth of Dubai as a global commercial hub and tourism destination, increasing population, more job opportunities, continuous interest of foreign investors, oversupply is not a problem because demand is there and is continuously growing."