(MENAFN - Khaleej Times) The Omniyat Group says that a combination of factors will trigger higher growth for Dubai's real estate industry during 2014, which include the emirate's successful bid to host Expo 2020 and recent real estate legislations.
The company added that the international recognition of the country across different sectors is also providing a major boost to the flourishing real estate sector, the most recent of which was the selection of Dubai as the second-best sports city in the world for 2013.
"Dubai's successful bid for hosting Expo 2020 proved to the world that the emirate in particular and the UAE in general is a leading economic, tourism, construction and commercial hub," said Mahdi Amjad, Omniyat's executive chairman and chief executive officer.
"Dubai, because of its distinguished skyscrapers, ports, hotels, exhibitions and malls, attracts hordes of tourists, investors and visitors from all over the world.It has emerged as a key global player that commands undisputed international recognition and status."
"We felt the impact of the Expo 2020 win on the real estate sector from the first minute the results were announced," he added.
Amjad said that the introduction of mature legislations, such as the regulation of the holiday homes market in Dubai and the implentation of the UAE Central Bank's new mortgage rules as of December 2013, along with the Dubai Land Department's decision to double the transfer fees on property sales, will go a long way in sustaining the growth of the UAE real estate sector and introducing greater transparency.
The industry has widely welcomed these steps as it seeks to protect the rights of all stakeholders, and they are expected to further strengthen the real estate industry in the UAE as well as protect other sectors like banking and mortgage.
Amjad said that a key positive point of the new central bank's mortgage rules is that it differentiates between end-users and investors, urging for further fine-tuning of mortgage rules that target overseas buyers to ease their purchases and regulate them. This would boost demand, thus motivating developers to increase supply.
Amjad said that aside from the Expo 2020 bid success, other recent feathers in Dubai's cap were the awarding of the 7th International Sports Event Management, ranking Dubai as the second best sporting city behind London. The city was ahead of Oakland, Manchester, Dusseldorf, Johannesburg, Istanbul, Sydney and others.
"This global recognition of Dubai's sporting prowess will be a major pillar in the further development of the real estate industry," he said.