The Dubai Land Department today organized the second session of the Focus on Dubai Real Estate Event, reviewing the whole gamut of issues related to the development and growth of the Emirate’s real estate sector.
The first session, which was in Arabic, was held on 21 November, 2006 and had drawn participation from the top tier of the real estate industry.
The event is part of the Land Department’s initiative to get more actively involved in the monitoring and regulation of Dubai’s real estate sector. It comes in the wake of the issuance of the new Dubai Property Law and the notification of the freehold areas where non-UAE nationals can own land and properties as well as new regulations governing various real estate activities, including the functioning of real estate brokers.
As part of this initiative the Department has just published Dubai’s First Freehold Property Guide, which details all the rules and regulations as well as guidelines for the registration of properties with the Land Department, registration of brokerage houses etc. The Guide has been brought out by Sterling Publications FZ LLC, publishers of UAE Digest and UAE Banking Review.
Today’s session includes a presentation by Eng. Marwan Bin Ghalaita, Director, Technical Administration, Land Department on the new trends in Dubai’s real estate sector and the general market outlook.
Emad Eldin Farooq, Legal Counsel of the Land Department, Government of Dubai will provide a general outline of the Dubai Property Law 2006 and examine its impact on the development of the emirate’s real estate sector. Similarly, Khalid Al Mehairi, Managing Partner, Emirates Advocates, will dwell on Dubai’s new Property Registration Law number 7.
The other speakers in today’s session include Billy Rantenbach, Director of Sales, Better Homes; Jude Healy from RE/MAX Unlimited Real Estate; Paul Fletcher, Managing Director, Life Style Auctions and Barmak Basharaty, Managing Director, Al Mas Capital.
Judy Healy is speaking on ‘Sales Contracts by Agents involving the sale of common and community property in high-rise buildings and the real estate agents’ ethical obligations while Barmak Basharaty provides an overview of lending practices from institutions that provide real estate financing in the UAE. Aspects covered by his presentation include common parameters for all lenders along with various points of differentiation between particular loan programs. Barmak will also introduce concepts unique to the UAE market such as project mortgage approvals.
Paul Fletcher is scheduled to elaborate the benefits of buying and selling property through auctions, which according to him enables the seller to negotiate from a position of strength by setting a confidential reserve price for the property that is undisclosed to the buyers.