Dubai Property Society’s (DPS) panelists have agreed that Dubai’s real estate landscape is positively changing.

A trend towards reverting back to fundamentals, the creation of affordable housing and the changing of mindsets – a move away from short-term prospecting towards long-term equity investments - will determine the future of the sector in the coming two to three years, the panelists noted.

The panel consisted of five representatives from the real estate industry, including managing director of Roya International Ahmed Ramadan, managing director in the Middle East for Jones Lang LaSalle Blair Hagkull, managing director of Sherwoods Iseeb Rehman, resident partner of property consultancy firm Cluttons Ronald Hinchey and director of sales, Emaar Properties, Naaman Atallah.

CEO of DPS and moderator of the panel discussion Adel Lootah asked the big question: How will the real estate industry move on from the current recession?

“It’s back to the basics for 2009 as the remaining liquid investors flock to traditional investment instruments such as direct investments and ownership of real estate,” said Hagkull.

“I think 2009 will be a majorly transitional year for the sector; things will improve gradually in 2010, but by 2011, I expect the sector to be stabilized and matured in terms of return of investments, affordability and regulations.”

“We will see more corrections and regulations, and I think RERA is doing a great job so far. Through 2009, I think the focus will be on solving disputes between end-users and developers, and I believe that RERA should and will continue to enforce a fair game for everyone’s benefit,” said Roland speaking about the role of RERA.

“In conclusion, I believe that Dubai offers, and will always offer, more opportunities than risks. I agree with the panelists that there is a need to change the mindsets of real estate players who look for short-term profits,” said Adel Lootah concluding the discussion. – TradeArabia News Service