By Andy Sambidge
University course aims to develop new generation of property professionals in UAE.
The Dubai Real Estate Institute (DREI) on Tuesday announced it has teamed up with one of Australia's leading universities to offer a Master's degree in real estate tailored to the UAE market.
The initiative from the Real Estate Regulatory Agency (RERA) is aimed at developing a new generation of better qualified professionals to operate in the post-downturn property market.
Graduates from the course which will be run by Bond University will enter a sector that has been hardest hit by the impact of the global economic crisis with house prices in parts of Dubai falling more than 50 percent.
Mahmoud El Burai, RERA's director of real estate and DREI's director of training, said: "This is a strategic move with the long term objective of adding a new tier of professionalism at the top of the Dubai real estate sector."
He added: "The Dubai market is rapidly maturing and the comparison now is with the most advanced sections of the global real estate sector. The skills levels throughout must reflect this new reality."
The Master degree in real estate has a strong focus on the local market and targets local real estate practitioners who are eager to improve their knowledge, skills and practices to excel in the industry.
The DREI Master degree is offered over three semesters with course subjects including the fundamentals of real estate, economics of real estate, real estate finance and investment, real estate marketing, and property management.
RERA of neccesity would first have to remove all unambiguos rules and regulations relating to the Real Estate Market. It would also need to Regulate the enforcement of contracts as at the time of signing and not allowing amendments to be applied to contracts after signing and sealing by both parties. When this groundwork is done they can then educate the new Masters in Real Estate to apply a firmly grounded system and not work with continously moving targets, which strangley favours the non producing defaulters losing the investors money.
WOW! THEN THEY WILL BE THE NEW SUPERHERO! then they will charge more commission because they have master's degree. what they will say to the investors "hey we can manage your property if you invest with us, we have a master degree in real estate from dubai where the biggest real estate crash happened". sure they will invest
Freakonomics - The RERA Version. 1. Price does not depend on Demand and Supply. 2. Price can always go one way. Up! 3. How to calculate averages (by removing the lowest values of course). 4. There is no such thing as an economic cycle. 5. However irrational exuberance is always sustainable. 6. Past Performance is always an indicator of future performance. 7. Returns from markets can always be guaranteed. (By post dated cheques of course) 8. Always buy high and sell low. 9. How to talk up the markets and make forward looking statements. 10.How to gamble with Islamic Mortgage Finance. The only thing more dangerous than an economist is an amateur economist. Now it will be you, the new "Masters degree in Real Estate" Graduates!
Great way to cash in more money, but at least we need to see the positive thing about this. Now, real estate agents in Dubai, will be able to identify the building in which they are selling.