The real estate expert, Chairman of the Board of Directors of "W Capital Real Estate Brokerage Company", Walid Al-Zarouni, proposed an initiative aimed at helping real estate investors in projects that have problems in delivery, with the aim of protecting the rights of investors as well as contributing to the recovery in the real estate markets.
Al-Zarouni said that this initiative aims primarily to help the investor obtain a real investment alternative for his money, rather than disrupting it in a project that was not successful.
He explained that, according to the initiative, investors will be assisted in real estate that has not started "on the map", to replace them with real estate units in other projects that are ready, or that their implementation and delivery are being completed, thus achieving recovery for the existing and under implementation projects.
Al-Zarouni said, “Real estate brokers, in turn, provide these opportunities to investors through the real estate database available to them, which allows them to replace real estate purchased (on the map), with one that was actually created, and sometimes the investor can replace his real estate unit with the developer himself, and it becomes what The investor paid in this real estate is part of the price of the new property, which he will get in another completed project, so that he can guarantee his investment, not to freeze or lose his money, and reduce the rate of loss to the lowest possible degree.
He pointed out that the current initiative reduces the expected damages to the parties to the real estate investment process, so the investor finds an alternative to his real estate that has not been implemented yet, and the developer earns a new customer in a real estate project that faces selling challenges, while the main developer who sold "on the map" can dispose of his project After returning the investors ’money, he may be able to sell the land, or enter into a coalition with other developers to implement this project.
He confirmed the legality of the steps included in the initiative as a sale and purchase contract, indicating that the new developer will take legal responsibility for "real estate on the map", in terms of suing the original developer, or negotiating with him.
The real estate regulatory bodies in the UAE have succeeded in establishing a strong legislation system to regulate the real estate sector, ensuring the sustainability of growth based on real demand by the end user of the property, as the real estate legislation covers all aspects such as the relationship between the owner and the tenant, and the processes of developing and selling real estate projects, as well On the process of liquidating troubled real estate projects.
The system of real estate legislation that has been approved over the past years is a turning point for the real estate sector in the state, and it enhances the sector's ability to attract foreign investment and face future challenges and crises.
Al-Zarouni noted the efforts made in this regard by some regulatory authorities in the country, among them the “Tanmia” initiative launched by the Real Estate Investment Promotion and Management Center, the investment arm of the Dubai Lands and Properties Department in September 2012, as it succeeded in arranging partnerships between governmental and semi-governmental departments And large investment companies from inside and outside the country to adopt real estate projects in the market, and to ensure their return to work.
The initiative aims to provide an alternative to funds invested in projects that have experienced delivery problems.