Zirve Eki - ISTANBUL REstate

16-17 Haziran 2010
you look at the report of the World Bank, we are number 7 in
land registration ranked in the world. And we are number one
on the speed and the easiness of doing real estate transaction
in Dubai. If anyone of you go tomorrow to Dubai or think about
buying a property, in 20 minutes you will get your title deed. This
is a time record that while you are drinking a tea you will get you
title deed and you will get approval for ownership to doi transaction
in Dubai. So the things that the government is doing by putting
a transparent, clear registration for the land or ownership is very
clear. Our leader vision is to make it a hub for doing business
and to stay over there. It is a clear and crystally clear for all of us
as a government officials. When the regulation come, we said
we need to do two things. All the investment habit, if you look
at the chart, I told you has is happened by the beginning of the
MR when they launched the initiatives of MR as a master developer
in Dubai. Most people went to the launch of the project of MR
and invested in property in Dubai, even though there was no law
for foreigner's ownership in Dubai. But they did that because of
the trust on the government and the trust on the brand. At that
time in 2002, everybody will come to Dubai to buy a property
based on the trust and based on the brand that Dubai is launching
which is MR. And everybody got happy after 3 years by delivering
their units and they get their title deed when the law of ownership
came. In Dubai, there is certain types of ownership. You can have
a free ownership so you own the land, what is beneath it, what
is above it. And you have a lease hold also. So we have different
type of ownership for foreigners. You can register the property
in your name as an individual or you can do it as a company. So
every options is there for any investors to come and invest in
Dubai. But after we established the regulation for real estate
transaction or registration which is a solid register adhered in
Dubai. We thought about enablers, the people who come and
do real estate, the developers, the agent, the valuers, the institute
that they give money or the financial institute. So now we can
say the environment of real estate investment in Dubai is already
established and secure. By securing two important elements, the
registration right and the services that any investor can get. Today
any investor will go in Dubai he will find a list developers approved
by the government. So he can go on and invest safely. His money
will not go directly to them, to the developer like the old days. It
will go in a secure trust account where it is only will be paid for
the developer when he start construction. If you deal with any
real estate agent you will find a certified broker that approved
and licensed by us to give you the services. If he do any something
wrong you can go and sue him and we take them a just action
to stop him or to give you back your right. If you go to any valuers,
he should be certified by us. So all the laws and regulations has
been put in place to make sure that the service that Dubai give,
it meets the standard of Dubai. Recently we have just passed a
law that regulate the relation between the owners and the
developers and common shared property. So previously people
used to come to Dubai and stayed as tenants, but now most of
them are a landlord. They are owners.
Oturum Baflkan› : Ahmet Kayhan
Now I want to pass to the developer. Not gonna start discussion of course. Can you comment on a foreign developer's
perspective? Where did you see the really good view or like what happened, the free hold law really kick started the
engine. Lease hold kick started the engine, free hold law just flied over. So, from your angle, how did you start it?
What was the angle? What really attracted and how it went through until now?
Mosab AlJassim
‹nvestment House, CEO
Thanks Ahmed and thanks Marwan. Basically, the brief has given
us on what was Dubai and how under developed was the industry
in total. When it comes to developments to legal infrastructure
and to the opportunities that were available we were very
underdeveloped. We were only focusing at the early days before
the real estate boom on investing the real estates were only locals
can invest and maybe some parts where the GCC citizens can
invest. The main economy driven industry at that time was export,
import, reexport, but thanks to the vision of His Highness and
the belief in Dubai, the brand., Dubai the location, Dubai the
strategically position in a highly populated area that can cater to
all these areas, with the idea of opening the market of real estate
Gayrimenkul Zirvesi 10
GYODER
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