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Dubai plans property stock exchange
The Dubai Land Department is also studying a proposal to implement a centralised real estate exchange that would radically shake up the way property is bought and sold in the emirate.
Under the proposal, real estate would be traded in a similar way to shares on the stock market.
Prices would react to supply and demand, and individuals would approach an agent — or broker — who would undertake a property purchase on their behalf.
“The trading in real estate would be similar to that on the stock market," a spokesman for the Dubai Land Department told Arabian Business.
“No other place in the world has a real estate exchange and this project would be unique.
“Hopefully, the end result would be a centralised system. It would be easier to manage.
In the emirate of Dubai there are around 1800 real estate agents and over 3000 brokers — there are so many people involved."
Such a system has the potential to regulate the property market and estate agents, and give a true reflection of prices.
“We don’t have the intention of controlling prices in the emirate," the spokesman pointed out. A proposal will be presented to the government this year, according to Juma Bin Humaidan of the Dubai Land Department.
The Land Department suggested that it could launch the exchange as soon as early 2008.
The launch of the study was approved by Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and UAE Prime Minister and Vice President.
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