The committee charged with rebalancing the industry will be headed by Sheikh Mohammed bin Rashid Al-Maktoum's son and deputy, Maktoum bin Mohammed, and include representatives of top property developers in Dubai.
Dubai's property market has been in a downturn since mid-2014, with sale prices and rents shedding around a third of their value. In an emirate where glitzy apartments line the coastline,and gated communities stretch back into the desert, Sheikh Mohammed called on the committee to ensure that property projects add value to the economy and do not duplicate each other.