The evolving legal and regulatory framework in the UAE real estate sector will encourage wider international acceptance and more investment while ensuring higher quality and prompt delivery of local projects, Adel Ahmad Lootah, CEO of UAE-based National Properties, said at the Construction Week conference last week.
Lootah said the UAE real estate sector has come a long way in a short period, with laws and regulations supporting a vibrant and attractive market.
He went on to emphasise that the current evolution in the regulatory environment has come at the right time, as it will continue to support the sector’s international profile.
“The UAE has a rapidly evolving and maturing real estate market,” he said. “As an emerging global player, the current changes to the regulations in the real estate sector involve adopting international best practices, which will develop the confidence of all stakeholders in the industry and attract more investors from around the world.”
Lootah also noted that the recently established Real Estate Regulatory Agency (RERA) in Dubai, the Trust Account law and the imminent strata law together will set uniform practices, elevate standards, protect property value and promote ethical conduct of business and best practices.
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