Dubai property market should find its own solution for oversupply

Dubai property market should find its own solution for oversupply:

In recent weeks, there appears to have been a plethora of commentary suggesting that the government should take measures to halt the supply of real estate. This has contributed to a flood of negative media that has captured the attention of commentators who are concerned about the current state of the economy.

I find these reactions to be incredulous; the focus appears to always be on the government interfering with the state of the economy in order to somehow “improve” things. However, what is not appreciated is that Dubai, and the UAE, are in an ecosystem, a framework of laws and regulations that is known for its thriving business and entrepreneurial sector.

Granted, this has been a system where there has been a symbiosis between the government and the private sector. However, it is clear that the private sector has always led the way in cementing the city — and the country’s — image of being a pioneer in the fields of business creativity.