24th May 2009, Dubai: Dubai Property Society or DPS held an event at the Park Hyatt's Creek Ballroom with theme titled "Freehold Property Legislation in Dubai Real Estate Market". An association of professionals engaged in the real estate sector. The discussion has been announced on the freehold property legislation in Dubai specifically of its special networking and awareness conference of members.
The event was prudently judged by Adel Lootah, Executive Director of Dubai Property Society, the board of members at the discussion involves Duane Keighran, Deputy Heal Real Estate, Simmons and Simmons; Gary Bugden, Executive Chairman, PRDnationwide Middle East Real Estate,LLC; Jimmy Haoula, Partner, Bin Shabib and Associates; and Michael Lunjevich, Partner, Hadef and Partners.
The discussion focused on the latest amendments to the federal and local laws that impact or blow the real estate industry. The board as well tries to investigate the implications of law changes and discussed ways to make sure the effectivity on the achievement of the current regulations. Interactive session was then thrown open to media.
"Recent changes in freehold property laws and legislation regarding the status of property owners have proven effective absorption in the market. As an organization comprising results-oriented professionals, we believe it is our responsibility to effectively address these in a comprehensive and objective manner", stated by Adel Lootah.
"Dubai Property Society boasts a rich portfolio of industry experts among its members whose expertise can be tapped for the larger interest of the community. With such a strong base, we have the capability to continue working towards our mission to raise market standards in Dubai and the UAE. And this networking event amply demonstrates our dedication to raise the standards of the real estate industry".
"By Introducing pragmatic laws and working towards timely implementation, Dubai is attempting to develop a more organized and systematic environment for the real estate market to operate within. This will assist in the recovery of the real estate market by promoting future investment, and the measures taken will prove to be conducive to the sustained growth of the sectork which will also benefit Dubai's wider economy in the long term",statement of Duane Keighran.
"The exciting thing about Dubai's new jointly owned property regime is the opportunity developers will have to structure their projects in a way that creates liveable and sustainable coomunities of benefit to all stakeholders. The challenge will be to ensure that developers recognize and pursue that opportunity", stated by Gary Bugden.
"The laws governing the UAE real estate sector are designed to regulate the industry for creating a stable and sustainable property market.
In safeguarding the interests of developers, we are confident the regulations will boost investor confidence and eventually prove favourable to all stakeholders", stated by Michael Lunjevich.
"Law No.9 of 2009 had a positive effect on the Dubai real estate market. It has positively impacted both developersa and investors by providing better security to the party who is performing its general obligations under the real estate reservation or sale and purchase agreement. And, "Unfortunately, however, the law has come short of expectations as there remain various realty issues which need proper clarification and regulation. Moreover, the law remains unclear in certain aspects which we have raised with RERA. We are now awaiting the enforcement of the Implementing Regulations to the law which will, apparently, rectify such shortfalls", stated by Jimmy Haoula.
Dubai Property Society (DPS) was established in 2000, commenced with a mission to energize business relationships through networking events.
Informative lectures and awareness seminars on industry issues for the comprehensiveness benefit of each member of the society and the community generally. Presently, organization have a membership base of more than 270 real estate professionals. And provides access to a vast network of property owners, developers, managers, advisors, brokers, finance houses, banks, hotel owners and operators, insurance companies, IT and technology solution providers, also the mall owners and operators.
