\nDubai is set to house the Gulf regional branch of the world\u2019s first specialised real estate exchange operated to serve the Middle East and North Africa, it has been announced.\n<\/p>\n
\nThe Irex Group said it plans to launch its first group of exchanges, Irex Europe\/Mena and Irex Canada in 2012. It will also seek permission from the Financial Services Authority (FSA) to operate an Irex exchange in London.\n<\/p>\n
\nThe company will create and operate a regulated securities marketplace for the listing and trading of real estate assets in key financial centres around the world. The exchange will list securities of real estate projects that are approved and licensed by governmental authorities.\n<\/p>\n
\n\u2018The development of a real estate exchange took 10 years from the company and now we are in the process of establishing this exchange on the ground,\u2019 said Safar Al Harthi, Executive Chairman of the Irex Group.\n<\/p>\n
\n\u2018Dubai is the preferred location for the regional branch of the real estate exchange due to its infrastructure and regulatory framework. The real estate exchange will be dedicated for trading in asset backed securities in the real estate sector only and this will be unique around the world,\u2019 he added.\n<\/p>\n
\nThe exchange will create a wide variety of financial instruments to securities real estate assets such as real property investment units (RPI Units), real estate investment trusts (Reits), common\/preferred shares, trust structures and debt securities.\n<\/p>\n
\nIt is likely to be a welcome boost for investors in Dubai who are also looking to be able to snap up some bargains in the emirate\u2019s first public auction of repossessed properties which is due to take place next month.\n<\/p>\n
\nDubai\u2019s Land Department has begun evaluating repossessed properties ready for the first auction of its kind in the emirate where real estate prices have fallen by up to 50%.\n<\/p>\n
\n\u2018We anticipate the first public auction to be held in a month\u2019s time,\u2019 said Jody Waugh, a partner at Dubai based legal firm Al Tamimi and Company.\n<\/p>\n
\n\u2018We have received the first evaluation from the DLD on a property that will be publicly auctioned. It is an official evaluation from the Land Department. So, I believe we are close to our first public auction under the mortgage law,\u2019 she explained.\n<\/p>\n
\nIt is understood that around 10 properties have been approved for auction by Dubai Courts and valuations have been set at current market prices so they are likely to be a considerable bargain as real estate prices have halved since their peak at the end of 2008.<\/p>\n","protected":false},"excerpt":{"rendered":"
\nDubai is set to house the Gulf regional branch of the world<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"persona":[],"class_list":["post-2953","post","type-post","status-publish","format-standard"],"acf":[],"yoast_head":"\n