A rent dispute resolution centre to be set up in Dubai will boost transparency in the expanding real estate sector in the region’s business hub and make the property market more competitive globally, according to property executives.

They described the project as a big advantage for Dubai’s real estate market and that the sector needed a more responsible and organised authority.

Nakheel’s chairman Ali Lootah said the requirements of the real estate sector, the backbone of Dubai’s economy, have largely changed over the past 10 years due to steady expansions, adding that such developments have prompted the creation of that centre, which was ordered by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Read: Mohammed issues decree establishing 'Rental Disputes Settlement Centre' in Dubai

“This centre will re-evaluate the mechanisms of Dubai’s real estate activity and introduce suitable solutions within a specific timetable.
It will also work to upgrade the rent market and make it more competitive on the global level,” Lootah said, quoted by Dubai-based Arabic language daily Emarat Al Youm.

“The rent sector in the emirate has seen a decline in transparency which was a characteristic of the real estate sector, but I believe that the centre, through new legislations and more decisive resolutions for disputes, will restore transparency between the contractual parties. It is very

important that the relationship between rental parties should be clear and each party knows its rights and duties.”Another executive said the new centre would cater for the growing needs of the emirate’s property market, mainly in terms of quick settlement of disputes.

“I think this centre, through new mechanisms, will upgrade the rent market in Dubai and will make it more competitive globally through legislations that will guarantee the rights of all parties

“It also does not neglect issues that may arise between tenants and developers, which had no solution previously.
“This will give a strong push to property development and end part of long-standing problems,” said Ahmed Al Matrooshi, Emaar’s Managing Director.

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