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Dubai land department aims to be regional authority |
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02/05/2009 10:24:13 AM |
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Dubai's Land Department has ambitious plans to become the real estate advisory authority not just for the emirate, but for the whole region, senior officials said on Wednesday.
Regardless of financial events taking place globally, the Land Department is still sticking to its original vision of providing a safe environment for investment.
"We are the authority in this region, thanks to our leadership. Everyone is trying to copy us even in this time of crisis. Dubai projects are always in the spotlight," Marwan Bin Galita, chief executive of the Real Estate Regulatory Authority (Rera), said during a media event yesterday.
There are plans in the future for the Land Department to become the property advisory body for the whole region, as more countries try and evolve their real estate sectors, magnetically drawing in buyers as Dubai has done for years.
The future of Dubai's property sector is bright, despite financial worries and the market is expected to recover quicker than other market globally, due to increased regulations and efforts to revive the flagging mortgage market.
Bin Galita said that rental yields in Dubai are among the highest in the world.
"Dubai's market is still capable of giving seven to 10 per cent return on investments. So there will be a correction but they [returns] will never go down to two per cent. We have no taxes and we have transparency of information. Real estate is not only about money, it's the engine of social development," Bin Galita added.
Mohammad Sultan Thani, assistant director-general of the Land Department, said the department was aiming to make the property sector more secure by reducing the number of developers. "Our aim is not to increase the number of developers, but to reduce it and to encourage mergers so that those developers can be stronger," Thani said.
The Land Department was talking to the local media after unveiling its new logo.
"The logo embodies Dubai's safe investment environment, especially after issuing a new package of real estate legislation aimed at protecting the real estate market, keeping up the momentum of the urban boom and encouraging investors," Shaikh Mohammad Bin Khalifa Al Maktoum, chairman of the Land Department, said.
The new logo depicts a palm tree, one half in traditional style reflecting the national heritage of the emirate and the other side made up of green squares, reflecting the technological advances.
A red circle around the logo reflects the regulative framework, especially law Nos 13 and 14, as a sign of investor protection.
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Source:zawya.com |
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