Property can be win-win for all

Gulf News: What is your assessment of Dubai's property market? Is it a good model of sustainable development?

Oehme: An assessment of the Dubai property market generally is too immense a topic for here, however; in terms of sustainability the foundations exist for extraordinary outcomes. Sustainability, at the minimum, comprises three elements; economic growth, environmental stewardship and social progress. Clearly economic growth in the UAE property market has been extraordinary.

Notwithstanding the global financial crises I feel certain that we are very much in the right place. Environmental stewardship has only been in focus globally in recent decades; here in the UAE environmental awareness has now become very high. I think that overall sustainability issues will soon be the dominant factor in all or most decisions and actions; this has already started to happen to significant effect.

Gulf News: How do you assess the overall impact of the ongoing global financial crisis on the state of the UAE's property sector? How does it affect the industry's sustainability?

Oehme: Historically we have not seen significant points of difference or promotion of real estate property in terms of sustainability. This will significantly change in 2009. Policies, visions and passion will collectively fuel and orientate this change. It is a win-win situation for all except the parties that fail to recognise, harness and achieve the benefits of addressing sustainability cost effectively. Sustainability is the best insurance in these financially challenged times.

Gulf News: How will Abu Dhabi's changing real estate policies affect the entire industry in the UAE?

Oehme: The initiatives by the Urban Planning Council and others are strong. For example, their Estidama drive (Estidama means sustainability in Arabic) will bring about significant and direct change. Estidama and the other policies, guidelines and regulations in the UAE are all complementary. They are all focused on achieving significantly improved sustainable outcomes.

They make individuals in the industry consider issues with different perspectives, emphasis and objectives.

It is this agitation of visions, processes and outcome assessments that will take us away from business as usual.

Business as usual, as it has developed over recent decades, is definitely something we need to move away from; and move quickly.

Drop in hotel occupancy in Dubai to 79.6 per cent from January to October this year, from 83 per cent in the same period last year.