Laws introduced by Sheikh Mohammed bin Rashid Al Maktoum have turned Dubai into a more mature global real estate market, a report has claimed.
The study by Emirates Business 24/7 spoke to a range of property experts in the region and found that Sheikh Mohammed's actions in developing the emirate's infrastructure had greatly supported the real estate boom and its sustainability.
Such initiatives have included the development of the Dubai Ports Authority, the introduction of the Roads and Transport Authority and industrial and specialised business zones.
The Dubai government has also passed a range of laws to effectively regulate the property sector, the news provider noted. These include
Law number three for property areas that can be owned by non-UAE nationals in Dubai and Law number eight concerning property trust accounts.
A wide range of iconic developments and assets have also boosted investment in Dubai such as the Knowledge Village, Burj Al Arab, the Emirates Towers, Dubai Marina and Business Bay.
"His highness focused on attracting international investors and building a world-class infrastructure which made Dubai, as we know it today, the location of choice for residents, businesses and visitors," Mohanad Alwadiya, managing director at Harbor Real Estate, told Emirates Business.
Last week, the Dubai government announced that it had signed an agreement with the global management consultancy firm A.T. Kearney to help develop strategies for increasing foreign investment in the emirate.