A QUICK FIX WON'T DO FOR DUBAI REAL ESTATE RECOVERY, SAYS SURVEY

DUBAI, Nov 9 (Bernama) -- A holistic and coordinated approach is needed to
enhance the opportunity for Dubai's real estate market recovery, according to a
report.

"A quick fix is not likely to succeed and a targeted group of stimuli is
required while a coordinated medium to long-term plan should be implemented
across the market," leading United Arab Emirates' law firm, Hadef & Partners
said in its report on the legal state of the real estate market in this Gulf
emirate.

These were some of the key themes emerging from a survey conducted by the firm
which had identified actions that could be considered to address key issues with
the aim of assisting the market's recovery.

The report noted that many respondents felt the current laws and
regulations were developer-friendly, and that increased awareness of the needs of
demand-generating participants, such as investors, banks and other institutions, was
required.

"It's widely recognised that Dubai has taken considerable steps towards
enhancing the sophistication of the real estate market in the last five years
and is the regional market leader.

"But it has some way to go before being compared to the likes of
London, New York and other leading markets," it said.

Dubai's real estate market is still in the doldrums, marked by slow sales as
well as delayed or cancelled projects in the wake of the Emirate's property
correction.

In what is believed to be the first of its kind survey, Hadef & Partners
assessed views gleaned from over 500 completed responses received between
September and October this year.

Many respondents took the time to provide detailed and extensive comments,
according to the firm.

It said the favoured market stimulus options suggested by respondents included
more flexible residence visa options for owners and investors.

They also hinted at the need for enhanced finance options for real and
sustainable end users.

"Eighty-eight per cent of respondents felt an improved finance
availability would assist in market recovery and approximately 75 per cent believed
that financial institutions are not adequately supporting
the Dubai real estate sector," the report highlighted.

Most respondents favoured greater transparency on project cancellations and
suspensions to ease concerns over the projected rate of further supply.

They also alluded to the need for efficient and less expensive dispute
resolution procedures, together with an enhanced access to information.

"Many respondents highlighted a desire to have some other formal procedure in
place that does not require the time and expense of going to court," the report
observed.

Hadef & Partners is a full service UAE business law firm founded in 1980 by Dr
Hadef Al Dhahiri, the current UAE Minister of Justice.
-- BERNAMA