“We will intervene, and strongly, and we will never be silent about these negative and unjustified practices, and service fees for real estate projects must be reasonable and appropriate for the project,” said the director of the Dubai Land and Property Department, Sultan Butti bin Majren, commenting on the high service fees in some projects. Real estate, which has become a negative phenomenon that greatly affects the real estate sector, investors and buyers alike.
It is very clear that the next stage will witness major changes in the field of real estate regulation, and government intervention is imminent to control real estate and combat all negative practices in it, with the aim of achieving stability in this vital sector, because the stability of the real estate sector is the gateway to recovery and growth, not only for real estate, Rather, it is for other economic sectors that are closely related to the changes, developments, and calamities in it as well.
In order for us to reach a stable and mature real estate market, the government, represented in the various authorities involved in this sector, must strive to work seriously and firmly to preserve the rights of everyone, whether investors or real estate developers, without favoring one party over another, or distinguishing one from the other, and must From breaking the severity of the control of some developers in the sector or in the investors, and this can only come through complete legislations to regulate the market, new legislations that keep pace with current developments, and complete old legislation that is still pending or incomplete, and this legislation applies to everyone with the same effectiveness, without preference for some on Another account, and from Without some people think that he is not concerned with this legislation!
The legislation issued during the past years must be completed, and its executive regulations have not yet been issued, and it must be applied to everyone even if this application affects in one way or another some real estate developers, the public interest is much more important than the private interest, so it is not reasonable to work now According to laws issued in 2008, which, even if they are valid for that time period and these circumstances, they certainly do not work and do not serve the current stage with its current data, indicators and conditions!
Therefore, expediting the laws, issuing the necessary legislations, and completing the deferred and suspended legislation, are the most important things that can be done currently in order to stabilize the real estate sector, and achieve the required recovery. Dubai is an attractive city for investors, it has what is not available at other features, advantages, indicators of superiority and success, and simple steps Of this kind, it is capable of moving the real estate sector and other sectors very quickly and marked growth.
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