real estate

PROFESSIONALIZING THE REAL ESTATE PRACTICE

By Mohanad Alwadiya
CEO, Harbor Real Estate
Senior Advisor & Instructor, Dubai Real Estate Institute
Published by: Property Time Magzine

During the years marking the last global economic recession, reports on fraudulent business practices and shady dealings in real estate became quite rampant, and people (investors and end-users) realized that those who fail to practice due diligence have nothing to gain in a relatively new and still-emerging albeit rapidly growing property market.

Now, even as the UAE economy as a whole continues to lag from its earlier predicted level of activity, the real estate industry, in spite of the industry-wide slowdown, continues to earn its share of winners and non-gainers in terms of current industry practice.

Some individuals still manage to pose as agents or real estate representatives, produce fake documents, and get away with the money virtually scot-free. And while the government has put in place strict protocols whether it be in professionalizing industry practices or instituting new policies and regulations to guard the best interests of the market, there are still a few unscrupulous individuals who manage to prey on buyers, even tenants.

The term “business ethics” is not something alien or new to us, but some people with careers outside of the real estate realm may view the term with a heavily critical eye, with some perhaps even joking about the incompatible nature of the words “business” and “ethics.”

But we all know that in real estate, a number of professions emerge including, but not limited to: commercial or residential brokerage, appraisal/valuation, property management, real estate counselling, etc. That being said, for a job to be considered a bona fide profession, it would require some commitment to a certain standard of conduct that the general public expects from the practitioner. This is where the real estate code of ethics comes in.

However, some might say: but anyone can become a realtor, so how does this seemingly “open” industry professionalize current practice and regulate the activities of real estate practitioners? What rules or structures are in place to prevent any form of abuse and/or malpractice in an industry where sometimes morally contradictory relationships or grey areas exist such as in the case of open market listings where one seller lists with various agents, and the big question is where would the realtor’s loyalty be – with the seller or the buyer? Or in the case of valuation assignments where the client may indirectly or even expressly makes known to the appraiser the outcome they are expecting.

Another dilemma confronting realtors is their reliance on commission-based remuneration whereby agents’ dependence on said commission may run counter to the best interests of the client. While a good commission structure would evidently motivate realtors to give their best efforts in order to successfully convert a lead and close a deal, the question of whether or not conditions set are for or against the best interests of their client remains – with yes being the answer in some cases, and at other times not so especially in cases of self-dealing in real estate.

Aside from By-law No. 85 “Regulating the Real Estate Brokers Register in the Emirate of Dubai” which expressly states the legal mandate governing the real estate practice, the Real Estate Regulatory Agency (RERA) and the Dubai Real Estate Institute (DREI) established a mandatory certification program for new and experienced agents who wish to work in a real estate brokerage in Dubai. The DREI also organizes license renewal courses and exams along with a very rich variety of career development programs intended to help elevate the standards of professionalism and effectiveness of brokers in Dubai.

All realtors are, therefore, expected to abide by local laws pertaining to the real estate practice as well as to government regulations that are periodically introduced and, at times, go through a series of revisions or reforms in order to address new issues or problems that crop up every once in a while.

But even in the face of such regulation, real estate firms must also take it upon themselves to continuously educate and empower their agents to make the best decisions in order to maintain individual and corporate integrity, professionalism and, ultimately, success in the real estate business.

Investing in training, whether in-house or otherwise, definitely pays a huge dividend. Extensive and tailor-made training programs should include education on the industry and pertinent rules/regulations (especially on current or new legislation), soft skills and specialized training courses that help employees attain a level of mastery in all the macro and micro aspects of their profession.

The ongoing development of the industry’s regulatory framework and implementation of laws and regulations to safeguard both consumer and investor interests, the overall industry and the economy at large from rampant and irresponsible speculative, predatory or unethical practices, all reveal a mature and balanced approach to shaping an industry which exhibits sustainable growth over the long term.

Taken altogether, the laws of the land serve as the primary push for realtors to act in a way that upholds and reflects the greater good while constant education through training, workshops, seminars and the like (whether mandatory or voluntary) help real estate practitioners internalize the values that must inherently pervade the system for the industry to thrive and continue to serve as one of the primary sectors supporting the UAE economy.

The Real Estate Regulatory Agency (RERA) and the Dubai Real Estate Institute (DREI) have set a mandatory certification program for new and experienced agents who wish to work in a real estate brokerage in Dubai. The Dubai Real Estate Institute also organizes license renewal courses and exams along with a very rich variety of career development programs designed to help elevate the standards of professionalism and effectiveness of brokers in Dubai.
no gamstop slots

The impact of Brexit on UAE real estate

Published by Expert Eye
By Mohanad Alwadiya

June 23, 2016 will forever be remembered in history as the day the British, all 52 percent of the 71.8 percent referendum turnout versus the 48 percent who elected to stay, voted to leave the European Union (EU).

However, with the United Kingdom being one of the world’s largest economies, the so-called “Brexit” which is yet to be finalized in the next two years depending on when UK leadership will actually “trigger” Article 50 of the Lisbon Treaty is expected to send ripples around the global business community, not to mention the political ramifications of said move.

The effects of Brexit are as diverse as they are far-reaching, with experts considering how the decision made by the majority of Brits will affect everything from the European geopolitical and socio-economic landscape, the strength and resilience of the European Union in the face of further discontent within its member states, the social and economic ramifications to a newly  “independent” United Kingdom and the inevitable question as to whether the United Kingdom can remain united given the Scottish and  Northern Island  wishes to continue as part of the EU.

In addition, the whole strategic alliance framework of the West has been weakened somewhat as a robust and strongly united European Union was always considered to be a cornerstone to an effective defence to an aggressive Russia and China on both economic and security fronts.

Understandably, the whole world is worried because all the financial and trade mechanisms, agreements, communication channels, policies, protocols and security arrangements that have taken over four decades to build will soon be set to zero for renegotiation.
No wonder the world is nervous and understandably uncertain as to what the future might hold.

And it’s that uncertainty which will have an effect on the UAE property scene. As we all know, investors and potential homeowners alike do not handle uncertainty, especially of this scale, well.

And it’s uncertainty that now lies around the effect of the Brexit on world growth and the possibility of European and UK recessions in the coming year that will make most investors move to less risky assets and safe haven currencies such as the Yen and the US dollar.

Of course, uncertainty regarding world growth has also negatively affected oil prices so many investors will be more reticent to invest in those economies that rely on its revenue. While we all know that Dubai is much less reliant on oil than its neighbouring emirates and countries, it will still be affected by investor nervousness by way of association which is unfortunate yet a reality. Just look at the Dubai Financial Market. It lost 3.3 percent, the biggest decline since January, as Emaar Properties PJSC fell 4.7 percent, mirroring the Brexit effect on many other markets around the world. Hardly rational, in my view.

Investors will be looking closely at the effect on UAE’s tourism. In the first quarter of 2016, Western Europe was the second largest source of tourists to Dubai by region, accounting for 23 per cent, led by the UK’s eight per cent and Germany’s three per cent. With the Euro weakened to $1.10, and with most analysts bearish on its immediate future, it is hard to imagine that level of contribution will continue until the post-Brexit uncertainty dissipates. Now such a strong pillar in the UAE’s burgeoning economy, tourism rates can be affected as nearly every global currency has depreciated versus the AED, making travel to the UAE more expensive for the majority of global travellers while journeying to the UK and Europe for most people has just got a lot cheaper. Hopefully, many will still use the country as a travel hub from and take advantage of what this exciting country has to offer during stopovers.

At the time of writing, the British pound had fallen more than 10% to below $1.34 and still falling as uncertainty continues to cloud everybody’s view as to the future of the UK economy. This is significant as British investors alone injected £1.9 billion into Dubai’s property sector in 2015 purchasing around AED 10 billion worth of UAE property assets, putting them at No.2 with an overall 7 percent of total investments made in the sector in 2015.

Needless to say, with such a currency devaluation and an uncertain outlook, Dubai property has suddenly become a lot more expensive for those wishing to purchase with British pounds, while the London property market has just become a lot more affordable. While a feeding frenzy hasn’t developed as yet, a prolonged weakness in the pound could divert significant levels of investment capital away from a market such as Dubai, especially as British expats, living in the emirate and earning UAE dirhams, take advantage of exchange rate gains to invest back home.

But even in the face of such uncertainty, there is no need to act with undue haste or panic. With or without Brexit, the world of real estate investment has always been riddled with both risks and opportunities. One thing is certain, though, mature and astute investors would know when to grab onto property or let go, making their own calculations and analyses, and seeking further expert advice as events continue to unfold.

Il servizio 1177 Vårdguiden offre ai propri clienti la prima assistenza medica e distribuisce le cliniche. Secondo le “raccomandazioni linguistiche”, i pazienti sollecitano ad evitare https://farmacia-italia24.it/red-viagra-senza-ricetta-online/ dei termini “uomo” e “donna” e sostituirli sui concetti neutrali di genere “molti” quando descrivono i segni della malattia: “Molti (donne) sono preoccupati Prima del parto o di ogni anno quasi 10.000 (uomini) in Svezia nel cancro della prostata malata. “non uk licensed casino

ASK THE AGENT

Question: In spite of the ongoing market slowdown, rents in our building are said to have increased according to new tenants. Our rent contract renewal is due in the last quarter of this year, do you think we will also be hit with a rent increase?

Unabated rent increases have been a common occurrence in the UAE; however, with the intervention of the authorities, tenants now have some added protection.

According to the law, your landlord needs to give you at least 90 days’ notice prior to the expiration of your current contract if he intends to increase your rent.

It will also greatly help you if you familiarize yourself with Law No. 43 issued on 22 December 2013 which replaced Decree No. 2 of 2011. Law No. 43 introduced the following restrictions (summarized) to take immediate effect with regard to the calculation and implementation of legally allowable rental increases:

  • There should not be any rent increase, if the rent for the real estate unit is no more than 10% below the average rent that a similar property commands within a neighborhood
  • The annual rent increases, as specified by the decree, can range from 5% up 20% according to how much the current rent is less than the market average
  • The market average rates are to be determined by the RERA Rental Index (RERA Rent Calculator)

The implementation of Law No. 43 is necessary to safeguard consumer’s interests, the overall industry and the economy at large from rampant and unjustifiable rental increases on existing rental contracts. It does not set out to control the rental value of new contracts and where a property is to be let for the first time or to a new tenant, it is up to the owner and prospective tenant to agree as to how much rent should be charged for the property.

Question: I am a landlord still relatively new in the business and I want to give my tenant one year’s notice to vacate an apartment I own. I already sent him a notice through a courier company but he (tenant) said it is not valid. What is the correct procedure? 

First of all, for the notice to hold up legally, you must have a valid reason for requesting the tenant to vacate the premises. Has the tenant committed any breach in respect of the tenancy agreement? Has there been any illegal activity in the premises? Do you need the unit for yourself? Do you intend to sell the apartment?

If your tenant is in breach of the tenancy agreement or has broken the law in some way you must serve a 30-day notary public notice to the tenant. The notice must clearly state why the tenant is being given 30 days’ notice to fix the matter and the details of the matter itself.  If the tenant does not respond in accordance to the request, then you can go to the Rental Dispute Settlement Center and ask for the issuance of an eviction order.

If you want to sell the property or use it yourself, you will need to provide a 12-month’ notice to the tenant through the notary public stating your intentions. You may then refuse to renew any lease for a period that extends more than 12 months past the date of notification.

The notice must be delivered by courier, and it is essential you keep a record of the delivery report as evidence of receipt (by the tenant) in case the tenant refutes receiving your notice in future proceedings.

Question: I have a mortgage on the flat I live in. Recently, I received an unexpected inheritance so I now have a substantial amount of cash. Should I pay off my mortgage or invest my money elsewhere?

Congratulations on your financial windfall! Your decision will depend on what interest rate you are paying on your mortgage, and on the expected returns in the investment you are considering.

If you can achieve a return greater than your mortgage interest rate then you should invest the cash elsewhere and take advantage of your low mortgage rate.

There are some very attractive mortgage products in the marketplace with a few mortgage providers offering rates as low as 3.99% or even 3.49%. If you have a mortgage with such a low interest rate it would not be too difficult to find an investment that will yield in excess of your mortgage rate.

For example, you may consider investing in an investment property such as an apartment  which will yield you a nett annual cash-flow of 5% and, over a period of 5 years, an annual capital appreciation of anywhere between 5% and 7%. This would be a more lucrative allocation of your cash.

If, however, you are not confident in achieving a return on your cash that exceeds your mortgage rate then I suggest you pay down your mortgage outright as you will save the interest costs.

Question: I have a mortgage on an apartment that I live in and I happen to have some cash currently. Should I settle my loan or invest the cash elsewhere?

It all depends on what interest rate you are paying on your mortgage. And what return you could expect if you invested elsewhere.

If you can achieve a return greater than your mortgage interest rate then you should invest the cash elsewhere and take advantage of your low mortgage rates.

There are some very attractive mortgage products in the marketplace with a few mortgage providers offering rates as low as 2.99%. If you have a mortgage with such a low interest rate it would not be too difficult to find an investment that will yield in excess of your mortgage rate.

For example, you may consider investing in an investment property such as an apartment  which will yield you a net annual cash flow of 5% and, over a period of 5 years, an annual capital appreciation of anywhere between 5% and 7%. This would be a more lucrative allocation of your cash.

If, however, you are not confident in achieving a return on your cash that exceeds your mortgage rate then I suggest you pay down your mortgage outright as you will save on the total cost of interest payments.

QUESTION:  I live in a freehold apartment and have some concerns regarding the service charges I am paying for. We do have an existing owners association, should I direct my queries to them? Is it their responsibility to answer such concerns?

Based on the info you provided, it is assumed that you have a fully operational and registered interim owners association board that currently represents you and all apartment owners in your building.

The first thing you should do is to attend OA meetings, get involved and address your queries directly including details on service charges. The OA itself is composed of unit owners and is mandated to represent all the owners of the jointly-owned property development in question, i.e. your apartment building, and is registered as an official entity with RERA.

An OA’s primary purpose is to manage, operate and maintain common areas such as hallways, lifts, stairwells, recreational areas, building systems – virtually all of the owner-shared elements of the building on behalf of all the other owners within the building. They do this by appointing contractors with the expertise to carry out the required tasks and set a service charge that all owners must pay to cover the cost of the contractor services.

The OA is a not-for-profit business entity which elects a board whose role is to action “motions” carried by the OA in addition to managing contractors, managing budgets and capital provisions, enforcing rules for the common good and organizing items such as insurance. As a member, you can always request and view the financial statements of the association to ensure that the service charges you are paying for are justified and correct.

Stalling will get you nowhere; invest today

stalling_will_get_you_nowhere

STALLING WILL GET YOU NOWHERE ; INVEST TODAY

The  opportunities currently available  will certainly  never come again
By Mohanad Alwadiya
CEO, Harbor Real Estate
Senior Advisor & Instructor, Dubai Real Estate Institute
 

Stalling  will get  you nowhere invest today“opportunity knocks only once” is an oft-quoted proverb in life, and it rings even truer when it comes to real estate. Others may argue that other opportunities will present themselves in the future; true, but will they be the exact-same opportunities?

It would, of course, be great if these future opportunities actually materialize; excellent, if they turn out to be better opportunities. But then, what if they don’t – which is usually the case as far as opportunity in real estate is concerned. After all, land is not unlimited and a building or unit, once sold, won’t likely change hands several times in the course when it is perceived to be at its peak value.

Expertise derived from hindsight has no place at the table of successful people, and regret is a fruitless and pointless emotion. Successful people thrive on opportunities, not lost opportunities. If they cannot make one opportunity work to their satisfaction, they move on and find another opportunity. Regret simply diverts energy and focus from the effective pursuit of the next great opportunity.

For those still currently on the fence about real estate investment, resolve to buy TODAY. After all, oil prices aren’t expected to go anywhere soon, the decline of the Russian ruble and the Euro versus the US dollar has effectively made offshore investing appear too expensive for many, there are reports of a growing oversupply and the inevitable interest rate increases on the US dollar, and its AED cousin, will only further hamper overseas investment and overall market liquidity.

While these considerations are valid and worthy harbingers of the dreaded procrastination, we need to put our positive hat on for a while, and consider the following…

Put simply, Dubai needs people to support an economy that is expected to grow at an estimated 5 percent percent-plus annually for the remainder of the decade and to deliver initiatives such as the 2020 World Expo. The Expo alone is expected to generate an additional 277,000 jobs and drive demand for housing and commercial facilities that, by and large, don’t currently exist. Much of the city’s planning comprehends the number of people living in the emirate to grow to 3.4million people by 2020, a 7 percent annual increase from today’s population of 2.25million.

While the price of oil is a big issue for the region’s economies, with oil representing only about 4 percent of Dubai’s GDP, the effect of the decline in oil prices is not as drastic as some may think. Dubai’s economy is being driven by fundamentals such as tourism and trade and a slew of new projects to grow these important revenue-generating economic segments. Dubai welcomed 4.1 million overnight visitors in the first three months of 2016, which represented a 5.1 percent increase over the same period last year continuing a growth trend of approximately 10 percent per annum since 2010.

But those visitor numbers will seem paltry once the 2020 Expo kicks off. And the 277,000 extra jobs that will be generated to ensure the estimated 20 million visitors of the Expo see Dubai in its most favorable light cannot be underrated in terms of generating significant demand for real estate assets.

And though the ongoing speculation surrounding the US Federal Reserve’s intention to raise interest rates is making many people nervous, we can be sure that interest rates in the US will eventually rise and the AED will continue to get stronger. To invest in a market that is undergoing a 10 percent to 20 percent correction in a currency that certain to appreciate only makes sense, especially when financing is still cheap and will remain so for quite some time.

While on the topic of certainty, there is no doubt that a stabilized real estate market will provide a much better launch pad for what will be a period of significant economic and commercial activity over the next 5 to 7 years. The structural shift towards more affordable housing will not only serve to accommodate the expected rapid population growth associated with the 2020 Expo, but also serve as an important factor in the development of the Dubai economy overall.

Still unconvinced or undecided?

Remember the opportunities that have come with 2015 and 2016 – the period of opportunity for the astute investor – will most certainly never come again. Ask around for expert advice, conduct your own research, make the calculations and decide now, today, so you won’t find yourself scratching your head in disappointment five years hence.

 

EMAAR… THE BUILDER OF ICONS

EMAAR_THE_BUILDER_OF_ICONS

By: Mohanad Alwadiya
Published: Property Times
Dated: May 2016

Since 1997, Emaar Properties has been pioneering the development of Dubai real estate by continually and consistently conceptualizing, designing and constructing quality master-planned communities across the emirate.

So integral has Emaar Properties been to the growth and development of Dubai that its own growth and emergence as one of the world’s most valuable and respected real estate development companies has been virtually synchronous with the emergence of Dubai as one of the world’s great cities.

By delivering established communities such as Arabian Ranches, Emirates Living, and Dubai Marina, Emaar has played a major role in establishing the bedrock for supporting the lifestyle that Dubai offers today. But all that was eclipsed when it delivered its flagship development, Downtown Dubai, home to the iconic Burj Khalifa, The Dubai Mall and The Dubai Fountain. Not only did it provide what is now the world’s leading lifestyle destination, but it also reshaped Dubai’s skyline forever, and gave it a profile which is recognized around the world.

And that skyline is about to change significantly, once again, with the announcement of the construction of a stunning new architectural icon, the latest exciting development by Emaar.

The icon will simply be known as “The Tower” and its design was chosen by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, a design which draws inspiration from the lily and evokes the image of a minaret, which is a common feature and distinctive aspect of Islamic culture and architecture.

The location of The Tower is an important reminder of Dubai’s past as it will be constructed on the Dubai Creek, the cradle of Dubai’s history and culture. This astute choice of location will forever mark the origin of Dubai and remind all of the humble beginnings of what has now become a remarkable story of vision and growth, amply demonstrated by the 6 square kilometers of world-class master-planned development that will have The Tower as its centerpiece.

Not only is the site historically significant, but it is also located in close proximity to the Ras Al Khor National Wildlife Sanctuary, protected under the UNESCO Ramsar Convention, and home to over 67 species of water birds.

And, as with all great icons, The Tower has a reason for being, and is envisioned to be of symbolic significance to, not only Dubai and the UAE, but also to global visitors hailing from all across the world.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The Tower in Dubai Creek Harbour is our tribute to the positivity, energy and optimism that Dubai and the UAE celebrate, led by a leadership committed to all-round progress. A shining beacon of hope for the world, celebrating diversity and human achievements, this new iconic landmark further highlights the country’s ambition and futuristic vision, and enhances our nation’s pride. It will be the destination for the world to visit, enjoy and celebrate life, as Dubai prepares to host the Expo 2020.”

He also added: “It integrates, not just design excellence but also strong environmental and smart-tech considerations. With The Tower, we are delivering a compelling destination that will add long-term economic value to Dubai and the UAE. It will also position Dubai Creek Harbour as one of the most desired residential, leisure and touristic attractions, providing visitors and residents with a modern, luxurious and sustainable environment in which to live, work, learn and entertain.”

As an iconic structure, The Tower will provide a clear and bold symbol of a people’s culture, aspirations and ambitions. It will be representative of a vision of progress that has global relevance and benefit demonstrated through innovation, growth and development.

Every nation or great city has some symbolic architectural icon which helps to define either the history, vision, cultural values or characteristics of the people that inhabit it… whether it be the Statue of Liberty, The Eiffel Tower, The Shard in London, The Sydney Opera House, or even St. Basil’s Cathedral in Moscow… they are all symbols, and all of us have grown to accept those structures to be symbolic, in some way, of the cultures that they uniquely represent.

In my mind, I believe The Tower will represent the pride of a nation, an unmistakable reminder of what has and can be achieved regardless of how humble the beginning… of how people, corporations and governments, united by a shared vision, can play a role, share the burden and eventually mutually benefit from progress, and the desire to improve and achieve.

And it comes as no surprise to me that Emaar, with its pioneering spirit and continued significant contribution to the development of this amazing city of Dubai, should be the driving force behind this wonderful initiative, for it is Emaar, as an organization, that harbors and exhibits all the qualities that The Tower has been designed to symbolize.

A towering vision

a_towering_vision

By Mohanad Alwadiya,
Published: Gulf Property

Dubai’s dynamic, ever-changing landscape, a constant in the continuously developing emirate, is a characteristic of the city well-known the world over. From the opulent halls of the Burj Al Arab and the graceful fronds of the Palm Jumeirah, to the tallest skyscraper that is Burj Khalifa, the architectural and engineering feats Dubai is famous for seem to have no limits.

Such achievements in the field of architecture and engineering prove how important property development is to real estate, and to the general economy. Emaar Properties, one of the UAE’s most respected property developers, has been pioneering the development of Dubai real estate since 1997, by continually and consistently conceptualizing, designing and constructing quality master-planned communities across the emirate.

So integral has Emaar Properties been to the growth and development of Dubai that its own growth and emergence as one of the world’s most valuable and respected real estate development companies has been virtually synchronous with the emergence of Dubai as one of the world’s most prominent cities.

By delivering established communities such as Arabian Ranches, Emirates Living, and Dubai Marina, Emaar has played a major role in establishing the bedrock for supporting the lifestyle that Dubai offers today. But all that was eclipsed when it delivered its flagship development, Downtown Dubai, home to the iconic Burj Khalifa, The Dubai Mall and The Dubai Fountain. Not only did it provide what is now the world’s leading lifestyle destination, but it also reshaped Dubai’s skyline forever, and gave it a profile which is recognized around the world.

And that skyline is about to change significantly, once again, with the announcement of the construction of a stunning new architectural icon, the latest exciting development by Emaar.

The icon will simply be known as “The Tower” and its design was chosen by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, a design which draws inspiration from the lily and evokes the image of a minaret, which is a common feature and distinctive aspect of Islamic culture and architecture.

The location of The Tower is an important reminder of Dubai’s past as it will be constructed on the Dubai Creek, the cradle of Dubai’s history and culture. This astute choice of location will forever mark the origin of Dubai and remind all of the humble beginnings of what has now become a remarkable story of vision and growth, amply demonstrated by the 6 square kilometers of world-class master-planned development that will have The Tower as its centerpiece.

Not only is the site historically significant, but it is also located in close proximity to the Ras Al Khor National Wildlife Sanctuary, protected under the UNESCO Ramsar Convention, and home to over 67 species of water birds.

And, as with all great icons, The Tower has a reason for being, and is envisioned to be of symbolic significance to, not only Dubai and the UAE, but to global visitors hailing from all across the world.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The Tower in Dubai Creek Harbour is our tribute to the positivity, energy and optimism that Dubai and the UAE celebrate, led by a leadership committed to all-round progress. A shining beacon of hope for the world, celebrating diversity and human achievements, this new iconic landmark further highlights the country’s ambition and futuristic vision, and enhances our nation’s pride. It will be the destination for the world to visit, enjoy and celebrate life, as Dubai prepares to host the Expo 2020.”

He also added: “It integrates, not just design excellence but also strong environmental and smart-tech considerations. With The Tower, we are delivering a compelling destination that will add long-term economic value to Dubai and the UAE. It will also position Dubai Creek Harbour as one of the most desired residential, leisure and touristic attractions, providing visitors and residents with a modern, luxurious and sustainable environment in which to live, work, learn and entertain.”

As an iconic structure, The Tower will provide a clear and bold symbol of a people’s culture, aspirations and ambitions. It will be representative of a vision of progress that has global relevance and benefit demonstrated through innovation, growth and development.

Every nation or great city has some symbolic architectural icon which helps to define either the history, vision, cultural values or characteristics of the people that inhabit it… whether it be the Statue of Liberty, The Eiffel Tower, The Shard in London, The Sydney Opera House, or even St. Basil’s Cathedral in Moscow… they are all symbols, and all of us have grown to accept those structures to be symbolic, in some way, of the cultures that they uniquely represent.

The Tower is set to become a landmark representing the pride of a nation, an unmistakable reminder of what has and can be achieved when people, corporations and governments, united by a shared vision, move together, inspired by the desire to move forward and march into the future.

And it comes as no surprise, then, that Emaar, with its pioneering spirit and continued significant contributions to the development of this amazing city, should be the driving force behind this wonderful initiative, while it continues, as a company, to help develop and reshape the face of Dubai.

Ask the agent

Can you explain the term capitalization rate?

Capitalisation rate (cap rate) is the rate of return on a real estate property based on the income that the property is expected to generate. It is used to estimate the investor’s potential return on investment. It maybe calculated by dividing the investment’s net operating income (NOI) by the current market value, where NOI is the total revenue derived from renting or leasing the property minus all operating costs. Put simply, the cap rate = NOl current market value. Given that the capital values for Dubai properties have shown greater volatility than the income being derived, the NOI being generated from the property at today’s value needs to be looked into. This allows us to see whether the property’s performance is improving or declining by referring to the cap rate. If the cap rate is declining, this leads us to conclude that selling the property would generate greater income.

Where do you think the best investment opportunities are in the Dubai real estate market?

Definitely in the affordable segment of the market!

We are encouraging clients to invest in this important segment as there are some great opportunities and the demand for affordable housing is likely to continue increasing as Dubai heads towards the Expo 2020. There are many affordable developments that have been sprouting in Dubailand and other parts of the city, especially in the outskirts. They are strategically located, with easy access to major road networks like the Shaikh Mohammed bin Zayed Road, thus residents enjoy fast transit times to most of Dubai’s popular areas. The demand for this type of affordable accommodation will continue to grow. invest in apartments and retain ownership for atleast five years to gain superior capital growth and enjoy healthy net annual rental return in the meantime.

Do you think the property prices will fall further in this current cycle? If so, would now be a good time to sell?

The fact that the property industry is notoriously cyclical is widely known yet viewed differently. Investors with a clear strategy and long-term plan simply accept, foresee and plan for cycles in the industry. They look for longer—term sustainable growth rather than take additional risk by trying to accumulate wealth by taking advantage of shorter-term spikes or dips. Investing in property has a very simple purpose: to create wealth over the long term. However, your portfolio needs to be nurtured, maintained and managed to ensure its wealth-creating potential is achieved as it rides the inevitable cycles that occur in the industry. Adopting a short-term vision and reacting unreasonably to inevitable industry slowdowns will lead to underperformance in the longer term. Consider engaging a good property manager who will ensure that you maximize returns.

I plan to purchase our first family home. What are the factors to consider when getting a mortgage?

There are a number of considerations that you need to factor into your plan of buying a home. One of these is getting a mortgage. Generally speaking, you are much better off financially in applying your hard-earned money towards building equity, but keep in mind that mortgage payments can be subject to fluctuations as interest rates rise. Not all mortgages are the same. Try and have the mortgage establishment fees waived. Depending on the institution, this may save you up to Dh3,000. Also request that you are not penalized for paying the mortgage down faster or in its entirety. By law, the mortgage provider cannot charge you more than 1% of the outstanding amount or a maximum of Dhl0,000, but try to have this stipulation dropped from your contract. Make sure your provider will allow you to utilize the equity you build in your home over time. Some lenders will allow you to use this as security for further borrowing.

Question of the week

I am buying an off-plan property. Can you explain the principles of escrow?

An escrow can be described as a legally recognized financial instrument held by a third party (typically a bank) on behalf of two other parties (typically a buyer and a seller) who have agreed to conduct a particular transaction in accordance with certain conditions. Funds are provided by the buyer and held by the party (bank) providing the escrow service until it receives the formal advice that certain previously agreed obligations of the seller have been fulfilled upon which time, the seller can receive funds to the amount specified in the agreement between the seller and buyer.

The use of escrow accounts by Dubai developers has now been mandated by law for the purpose of protecting the prepayments made by buyers. This limits developers from gaining access to funds until certain construction milestones are completed, helping ensure developers are not misappropriating funds provided in advance for purposes other than which they are intended.

Anybody can open an escrow account but not anybody can open one for the purposes of property development in Dubai. The developer must first be registered as a bona fide developer with RERA which involves providing documents ranging from those which establish the bona fide nature of the developer including details of its officers and solvency, title deeds proving ownership of the land to be developed, NOC from relevant parties to performance guarantees.

Beyond promises, Dubai brings trangible benefits

The emirate has a lot going for it that make it attractive to investors from India and other countries

I was reading with interest an online article recently that underlined the top reasons why Dubai’s property was so popular with Indian nationals. The reasons offered are not really surprising and essentially summarize why investing in property in the emirate has had significant appeal for not just Indian investors, but those from every corner of the world.

Dubai is easy

Compared to many countries in the world, investing in Dubai’s real estate sector is relatively easy. Enlist a reputable brokerage, select your desired property, negotiate a price, write the necessary cheques and the property will be yours. Bureaucracy, which makes investing in other countries a pain, is virtually nonexistent and, as long as you follow procedural requirements, your property transaction will be processed efficiently and without undue delay.

Dubai provides superior value for money

When compared to the major Indian cities or big cities around the world, Dubai offers increasingly better value. A modern infrastructure that is continually being developed, a renewed focus on affordable housing, world-leading rental yields and finance rates that have been at historic lows for some time now, the value that is inherent in Dubai property is hard to beat in India or any other country in the world.

Dubai provides superior, tax-free rental yields

put simply, there are not many real estate markets in the world where an investor can enjoy an average 7 percent yield Without paying any local taxes. So, net of service charges, maintenance costs and property management fees, the rent that you charge your tenants goes straight into your wallet without the taxman taking his share. And with the cost of finance remaining at near historic lows, the interest on any borrowings you may have is easily covered by the rent that is being yielded by your property, leaving more free cash flow to pay down your principal.

Dubai doesn’t impose a capital gains tax

In addition, capital gains are not taxed upon disposal of the asset, which makes investing in Dubai property a very lucrative addition to any investment portfolio – when taken with a long-term view, a Dubai property investment will provide handsome returns. So from a total return point of view, there are few real estate investments that are better than Dubai.

World-best infrastructure and security

Many times, investments that provide such lucrative returns are normally associated vvith excessive risks or poor infrastructure. This is not the case in Dubai. Dubai’s focus has been on developing a World-leading infrastructure for the benefit of commerce, trade, tourism and habitation. The remarkable improvement that has been made in opening Dubai up for business, implementing the physical, digital and logistical infrastructures, legal framework and economic policies in the post—recession period

has been impressive. There is no doubt that Dubai’s future is looking very bright and investors globally continue to monitor its progress very closely.

Dubai’s brand value has never been stronger

There is no doubt that Dubai has captured the imagination of the world and there is no better barometer of this than its burgeoning tourism industry. Investments in revenue-generating sectors such as entertainment and hospitality have ensured that Dubai is increasingly being included on travellers’ bucket lists all over the world.

Dubai excels at economic entrepreneurialism

Dubai is excelling in an area I call economic entrepreneurialism. Already known for conducting world renowned exhibitions, there is no greater example than the upcoming World Expo, which Dubai will be hosting in 2020. Dubai is committed to making it the best ever.

Dubai is close to India and many countries

There is no doubt that Dubai is well placed geographically. With one-third of the world’s population within a four-hour flight and two-thirds within an eight-hour flight, existing emerging, economies such as Russia, India and China, and soon-to-be emerging economies on the African and South Asian continents will soon all share Dubai as a central hub. No wonder investors are so excited about the emirates prospects.

A multicultural and cosmopolitan society

Long a haven for expats that fulfilled employment contracts of limited duration, more and more people have decided to settle down and call Dubai home. This change in outlook has had a dramatic effect on the stability of the property market and the development of a society that, while incredibly diverse, is also less transient and more committed to developing the emirate as a long-term lifestyle solution. As a result, while there has always been a vibrant and strong Indian community; communities representing other nationalities are developing rapidly making it easier for new expats to make a decision to make Dubai their new home. History has proven that strong nations were built upon such diversity.

TIME TO REVISIT THE PRACTICABILITY OF REITS

Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate institute, the official training 81 cortication arm of the Dubai Land Department

The UAE property market slowdown aside, it is great to know that the country’s real estate landscape has gone a long way from its humble beginnings. Aside from the landmark development in 2002, when UAE property (specifically in Dubai) was initially offered to be sold on freehold basis to expatriates by the Dubai government, another important milestone and sign of industry maturity, though relatively untapped, was the introduction of real estate investment trusts (REITs) into the country, with the first REIT entity, Arabian Real Estate Investment Trust (Areit) established in 2006.

And as people continue to agonize over the current market state of affairs, l would advise ambitious though financially limited would-be investors to look into the viability of investing in REITs rather than sitting and waiting for chance to buy property they can actually afford. But what differentiates a REIT-owned property from traditional property out for sale in the market? Before moving any further, let us try to understand what REITs are first and foremost, beyond the words that make up the acronym itself a REIT is a trust company which accumulates a pool of money through an initial public offering (/PO) and buys, develops, manages and sells real estate assets. REIT5 allow both small and large investors the ability to invest in real estate without investing large amounts of capital or devoting a lot of time in directly managing a property portfolio. Investors have the opportunity to buy a unit in a REIT which is actually a portion of a managed pool of real estate; this pool of real estate then generates income through the renting, leasing, selling and financing of property and distributes it directly to the REIT investor on a regular basis. Investors in REITs can expect returns without having to deal with the headaches of maintaining, managing and marketing their real estate assets. Units held in a REIT can be bought and sold like a stock on a stock exchange so investors also have the option to make a safe exit from the property marketplace whenever they decide to do so. There are three types of REITs: equity REITs, mortgage REITs, and hybrid REITs. Equity REITs invest in and own properties and, therefore, are focused on increasing the value of those properties while also accumulating revenues from their properties’ rents. Mortgage REITs deal in the investment and ownership of property mortgages while hybrid REITs combine the investment strategies of equity REITs

And mortgage REITs by investing in both properties and mortgages. A REIT can provide portfolio diversification because of the large amounts of pooled funds available to the REIT management team which, in turn, enables the accumulation and operation of different types of property assets in different locales. This provides the REIT management greater flexibility to minimize the effects of any cyclical downturn by enabling them to focus on opportunities that always exist and emerge from any correctional period to provide a superior return. If you are a landlord or building owner,

the advantages of getting into business with a REIT are manifold; because, in effect, property owners become “shareholders” in a single real estate company, landlords can reasonably expect a safer, more secure and regular source of income in the form of rent through an easy, fuss-less, flexible, liquid and maintenance-free investment. For tenants, REIT—owned buildings, whether they are malls, business parks or towers, are usually well maintained and professionally managed, so being part of or being under a REIT establishment is a win-win for both landlords and building tenants.

التقارير العقارية تبث الضبابية وتخلق حالة من الإرباك بين المستثمرين

:دبي ملحم الزبيدي
أكد عاملون في السوق العقارية بدبي أن تضارب واختلاف التقارير الصادرة عن شركات الاستشارات والوساطة حول واقع القطاع وأدائه في الوقت الراهن والسنوات المقبلة تبث الضبابية وتخلق حالة من الإرباك بين مختلف شرائح الجهات والأطراف المعنية بالقطاع كالمطورين والمستثمرين والمستخدمين النهائيين.

وأوضح العاملون أن تضارب بيانات ونتائج هذه التقارير حول المعروض الذي سيدخل إلى السوق في الفترة المقبلة وتأثيره في عامل الطلب ونسب النمو أو التصحيح السعري يثبت عدم دقتها وشفافيتها، كما أنها لا تستند في الوقت ذاته الى قاعدة بيانات موحدة، إنما الى معلومات داخلية تخدم بالدرجة الأولى أجندة وأهدافا خاصة للجهات المصدرة لهذه التقارير التي تحاول رسم خط اتجاه لأداء السوق.

اختلفت المصادر حول الجهة الحكومية المعنية بالدرجة الأولى بتوفير قاعدة بيانات ثابتة حول معادلة العرض والطلب التي يعتمد عليها أغلبية المطورين والمستثمرين في رسم خريطة مستقبل القطاع في السنوات المقبلة، حيث رجحت جهة كفة «دائرة الأراضي والأملاك» كونها المعنية بتنظيم وضبط القطاع وتسجيل التصرفات وعقود البيع والتأجير وغيرها، فيما فضلت جهة أخرى تكليف «بلدية دبي» لاختصاصها بمنح تصاريح البناء وشهادات إنجاز المشاريع.

وطالبت المصادر أن تتبنى جهة حكومية رسمية إصدار تقرير فصلي كل ثلاثة أشهر يختص بتوضيح الأرقام والمعلومات المرتبطة بمعادلة العرض والطلب لتفنيد ودحض مزاعم شركات الاستشارات والوساطة العقارية الخاصة التي تتبنى أهدافا ومصالح داخلية بها فقط بعيداً عن تحقيق الصالح العام للقطاع العقاري برمته.

علي لوتاه: تحكيم العقل بالدرجة الأولى

قال علي راشد لوتاه، رئيس مجلس إدارة شركة نخيل العقارية: «إن تضارب واختلاف الأرقام والبيانات الصادرة عن شركات الاستشارات العقارية بشأن منحنى أداء السوق المحلي خلال الفترة المقبلة وتحديداً بشأن عدد الوحدات السكنية التي ستدخل القطاع تؤكد عدم شفافيتها وصدقها».
وأضاف لوتاه قائلاً: «إن غياب إحصاءات واضحة ودقيقة وثابتة بنفس الوقت سينعكس نسبياً بشكل سلبي على قرارات المشترين والمستخدمين النهائيين، كما سيدفع بحالة من الضبابية وعدم الوضوح أمام هذه الشريحة من أطراف صناعة العمل العقاري في سوق دبي».
وطالب لوتاه مختلف الأطراف التي تستند وتتأثر بتقارير شركات الاستشارات العقارية بالتأني وعدم التسرع والانجراف وراءها، وتحكيم العقل بالدرجة الأولى والعودة لأصحاب الخبرة والدراية في هذا القطاع من أصحاب السمعة الطيبة.
وأكد رئيس مجلس إدارة «نخيل» أن هذه التقارير والشركات المصدرة لها لا تتطلب وضع الضوابط والأنظمة من قبل الجهات الحكومية المعنية المتمثّلة بدائرة الأراضي والأملاك ومؤسسة التنظيم العقاري (ريرا)، مستنداً بذلك الى قاعدة السوق الحر والدور الذي يقع على الشرائح المستهدفة بهذه التقارير.

ماجدة علي راشد: يجب الاستناد إلى أرضية معلومات صلبة

دعت ماجدة علي راشد، مساعدة المدير العام، ورئيسة مركز تشجيع الاستثمار العقاري في «أراضي وأملاك دبي»، كافة الأطراف العاملة في السوق العقاري المحلي بالإمارة إلى الاستناد إلى قاعدة البيانات المتوافرة في الدائرة كجهة رسمية تعنى بتنظيم القطاع للحصول على المعلومات المطلوبة لرسم خططهم وتوجهاتهم المستقبلية المتعلقة بتنفيذ وتطوير المشاريع العقارية وعدم الانجراف وراء التقارير الصادرة من الشركات الخاصة التي اتسمت بتضارب نتائجها ما يثبت عدم اتسامها بالشفافية والدقة.
وأوضحت راشد أن إعداد الخطط المستقبلية لشركات التطوير العقاري وتنفيذ المشاريع الجديدة يجب أن يستند إلى أرضية صلبة ودراسات صحيحة مركزها «دائرة الأراضي والأملاك» في دبي التي تملك قاعدة بيانات ضخمة تتعلق بالتصرفات العقارية والتسجيل والتأجير والتثمين وغيرها من الخدمات الكثيرة.
وأشارت مساعدة المدير العام، ورئيسة مركز تشجيع الاستثمار العقاري في «أراضي وأملاك دبي»، إلى انه لا يمكن التحرك باتجاه إصدار تشريع قانوني أو لائحة تنظيمية او عقوبات على شركات الاستشارات العقارية الخاصة بشأن إصدار التقارير حول واقع وأداء القطاع في الوقت الراهن ومستقبله في السنوات المقبلة.

محمد المطوع: تبث التشويش والضبابية

أشار رجل الأعمال محمد عبد الرزاق المطوع، الرئيس التنفيذي ل«مجموعة الوليد الاستثمارية»، إلى أن التقارير المتضاربة من حيث الأرقام الصادرة عن شركات الاستشارات العقارية المختلفة تبث حالة من التشويش والضبابية في السوق المحلي. والسؤال الذي يطرح نفسه، من أين تحصل هذه الشركات على البيانات التي تعتمد عليها للتوصل إلى هذه النتائج، هل استندوا لقسم المباني والتراخيص التابع لبلدية دبي، وهنا نطالب المسؤولين في هذه الدائرة بإصدار تقرير شهري أو فصلي كل ثلاثة أشهر ليوضح الصورة الحقيقية عن عدد الوحدات السكنية التي ستدخل القطاع في الفترة المقبلة، وتكون في الوقت نفسه السلطة الحكومية الوحيدة المعنية في والمعتمدة لمنح تصاريح البناء والإنجاز وترقيم المباني.
وأضاف المطوع قائلاً: «إن التقرير الوحيد الذي يفترض الاستناد إليه والاعتماد عليه، وهو ما يغفل عنه الكثيرون، هو التقرير الواجب صدوره من قسم المباني والتراخيص التابع لبلدية دبي، المعني بإصدار شهادات الإنجاز للمباني والمشاريع وعدد الوحدات التي ستضيفها إلى السوق خلال المرحلة المقبلة، حيث إن كل مشروع مرتبط بموعد للإنجاز والتسليم مع وضع هامش تأخير يتراوح بين 6 أشهر وسنة كاملة لأسباب فنية وتعاقدية بين أطراف معادلة البناء».
وأوضح أيضاً أن «أراضي ودبي» و«التنظيم العقاري» وشركات التطوير ليست الجهات المعنية في توفير البيانات والأرقام المتعلقة بعدد الوحدات السكنية أو المساحات المكتبية والتجزئة التي ستنضم إلى المعروض في سوق عقارات دبي، مع الأخذ بعين الاعتبار أن القطاع الخاص يشكل النسبة الأكبر من المشاريع المنجزة وقيد الإنشاء.
وقال المطوع: «إن الأرقام المختلفة عن بعضها بعضا التي نقرأها ونسمع عنها بين الحين والآخر من بعض شركات الاستشارات العقارية، والتي يتكلم بعضها عن 20 ألف وحدة ستدخل السوق قبل نهاية العام الجاري 2015، وهناك من يتوقع 25 ألفا، وطرف ثالث يتنبأ بين 8 و 10 آلاف، بعيدة جداً عن المنطق في ظل طفرة البناء التي يشهدها سوق دبي في الوقت الراهن».
ودعا الرئيس التنفيذي ل«مجموعة الوليد الاستثمارية» وسائل الإعلام المحلية المقروءة والمسموعة والمرئية أن تضع هذه التقارير المتضاربة والمغرضة والتي تحاول الإساءة إلى سمعة بيئتنا الاستثمارية العقارية ضمن الموضوعات الحمراء وحظرها عن النشر لما له من تأثير سلبي في مختلف أطراف صناعة العقار وتحديداً المستثمر والمستخدم النهائي من حيث اتخاذ القرار بالشراء.

زياد الشعار: لا تتحرى الدقة ولا تستند للواقع

قال زياد الشعار، المدير التنفيذي والعضو المنتدب في «داماك العقارية»، «إن الأرقام الصادرة عن تقارير لشركات أبحاث وتسويق عقارية في الدولة باتت تحمل الكثير من التناقض وعدم الدقة في البيانات التي تنشرها، مشيراً إلى أن أغلب هذه التقارير لا تتحرى الدقة ولا تستخدم مصادر ذات صلة حقيقية بالقطاع العقاري».
وأوضح «أن العديد من التقارير لا تذكر مصادر بياناتها، ولا تحدد المشروعات الرئيسية التي سيتم تسليمها في دبي خلال الفترة المعلن عنها في التقرير، إلا أنه ينشر إجمالي الأرقام في العموم، ولا يوثق ما ينشر من معلومات، على الرغم من أن دقة المعلومة هو الهدف الأول من الدراسات والأبحاث التي تقدم للسوق العقارية».

وأشار الشعار «الى أن هناك فروقات كبيرة في البيانات ذاتها إذا ما تمت مقارنتها بين تقارير مختلفة، على سبيل المثال بلغ فارق عدد الوحدات السكنية التي تم تسليمها خلال النصف الأول من عام 2015، لأكثر من 5000 وحدة بين تقريرين، وهو رقم يغير في معادلة العرض والطلب».

ولفت إلى أن أكبر شركتي عقارات في دبي وهما «داماك» و«إعمار»، واللتان تمثلان نحو 50% من السوق العقارية، أعلنتا أن تسليم الوحدات خلال عام 2015 لن يزيد على 3000 وحدة سكنية، فكيف يصل إجمالي الوحدات المتوقع تسليمها خلال العام الجاري 22000 وحدة. حيث سلمت «داماك» نحو 1511 وحدة خلال النصف الأول منها 999 وحدة فقط في دبي.

وبين العضو المنتدب في «داماك العقارية»، «أن من اللازم أن يكون هناك تفرقة بين التسليمات في مناطق التملك الحر وبقية المناطق، حيث إن التسليمات فقط في مناطق التملك الحر هي التي تؤثر في العرض والطلب في السوق العقارية».
وقال الشعار: «إن تضارب وارتباك الأرقام الخاصة بالسوق العقارية في دبي لا يصب في مصلحة القطاع، إذ يخلق حالة من التشويش على القرارات الاستثمارية للمشترين لا سيما غير المقيمين في الدولة، الأمر الذي يتطلب الرقابة والدقة حتى يتم رفد السوق ببيانات تساعد المشترين على اتخاذ قرارات صحيحة ومدروسة».

مهند الوادية: تنعكس سلباً على البيئة الاستثمارية العقارية

ذكر الخبير العقاري، مهند الوادية، المدير الإداري في شركة «هاربور العقارية»، وأستاذ محاضر معتمد وعضو في «كلية دبي العقارية»، أن التقارير العقارية الصادرة عن مصادر مختلفة كشركات الاستشارات والوساطة العقارية تأتي أغلبيتها باتجاه خدمة مصالح خاصة بهذه الجهات وتنفيذ أجندة معينة لها.

وأفاد الوادية أن هذه التقارير هي اجتهادات جيدة ولا بأس بها، لكن كثرتها وتضاربها من حيث النتائج تنعكس بشكل سلبي على البيئة الاستثمارية العقارية في السوق المحلي، لذلك تأتي «دائرة الأراضي والأملاك» في دبي على رأس الجهات الحكومية المعنية في ضبط وتنظيم هذه التقارير.

حالة من الإرباك وعدم التوازن

أكد المهندس فارس سعيد، رئيس مجلس إدارة «دايموند ديفلوبرز»، وعضو التجمع العقاري التابع ل«دائرة الأراضي والأملاك» في دبي أن تضارب التقارير الصادرة عن بعض شركات الاستشارات العقارية حول السوق المحلي في دبي يبعث إلى حالة من الإرباك وفقدان التوازن لدى أغلبية المستثمرين والمستخدمين النهائيين، الأمر الذي يؤثر بشكل سلبي في منحنى أداء السوق.

وأوضح سعيد أن تضارب التقارير العقارية ليست مشكلة حديثة، وإنما نواجه صناعة القطاع منذ أكثر من عقد من الزمن الأمر الذي بات يتطلب تحركا فوريا من قبل الجهات الحكومية المعنية بتنظيم وضبط السوق العقاري في إمارة دبي والمتمثلة ب«دائرة الأراضي الأملاك» و«مؤسسة التنظيم العقاري» (ريرا) من حيث وضع ضوابط ومعايير للتدقيق على هذه التقارير ومراجعتها قبل صدورها والموافقة عليها، ونقترح هنا تشكيل لجنه تحت مظلة الدائرة أو المؤسسة.

وتساءل سعيد عن الأسس والمعايير التي تعتمد عليها هذه الشركات في إصدار تقاريرها، وعلى ماذا تعتمد في نفس الوقت أيضا؟ وما الدوائر التي تستند إليها للحصول على قاعدة بياناتها للتوصل إلى نتائجها النهائية؟ ومن وجهة نظرنا أن تضارب النتائج هو دليل قاطع على عدم صحتها وأمانتها.

وقال رئيس مجلس إدارة شركة «دايموند ديفلوبرز»: «إن النمو الذي تشهده دولة الإمارات ودبي خصوصاً يستند إلى النمو الذي تشهده المؤشرات الفعلية للاقتصاد الكلي المتمثلة بمعدل نمو الناتج المحلي الإجمالي ومساهمات القطاعات الرئيسية في هذا الناتج ونموه، إضافة إلى تدفق الاستثمارات ونمو السيولة، وزيادة الاستثمارات الحكومية في مشاريع البنى التحتية».