New crowdfunding concept targets Dubai first time buyers

Real estate firm DURISE launches fund in GCC which allows investments of as little as $5,000

Real estate firm DURISE has announced plans to launch its crowdfunding concept throughout the GCC and wider Middle East region.

DURISE said in a statement that it allows investors to invest in real estate via a crowdfunding concept for as little as $5,000. 

The concept targets potential investors who flirt with the idea of investing in real estate - such as younger and first time buyers - who abandon the idea because they find they have been priced out of the property market.

"DURISE offers both established and first time investors the opportunity to invest in real estate in the region with a low entry price and minimal risk," the company said in a statement. 

"While an investor may not be purchasing their own property outright, it is a first step to owning a percentage of a property along with other investors via a crowdfunding platform," it added.

Waleed Esbaitah, CEO and founder of DURISE, said: “I’m delighted to announce the launch of DURISE, which is a truly innovative concept fusing modern technology and traditional bricks and mortar investment.

"he makeup of the Middle East is overwhelmingly young, which translates into technology savvy investors who are comfortable with technology and the concept of crowdfunding.  At the same time, for many young investors the price point for entry into the real estate market is far too high, which is why DURISE is the perfect option for them.”

Investors will be able to sign up via www.durise.com, and either create a new account or sign in via existing social networking accounts. 

New users will immediately gain access to investment opportunities, a real estate focused community, and updated news on real estate and the region.

Esbaitah added: “Our first target is to educate the public about this exciting concept and that is why we decided to hold back on offering our services at the very start, we feel that to successfully introduce a new concept you would first need to build up trust and that can only be achieved by conveying transparency and opening a two way dialogue with our prospective clients."

He said once a new investment project is fully funded, DURISE will complete the real estate transaction.

In the event that the total funds are not raised by the crowd, DURISE said it will reimburse the investors their capital in full. Fully funded investment projects will then be managed by DURISE on behalf of investors for a minimal management fee.

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Posted by: Oliver

Great concept. Will give opportunity to small investors and expats to invest in Dubai real estate, certainly ahead of its time.

Posted by: who2

Oh dear, yet another infomercial on AB in the guise of news.

Posted by: Jacques

Dear Waleed,

An interesting idea but not sustainable for this market. In fact even in tech savvy and fundamentals rich markets such as the US it is failing miserably. More hype than substance for real estate crowdfunding.

You have also copied the name DURISE from FUNDRISE, a real estate crowdfunding site in the US, should have been more imaginative to develop your own brand. They may have a legal problem with this.

Also what is concerning is that you are running a real estate brokerage firm so have a vested interest in pushing those investments where you will profit more from, so the users will never trust your site.

It seems this is something that you wanted to just try your luck and see if it works but not really thought it through. Good luck but I would be wary of investing with a company in something where the CEO suggests their 'crowdfunding arm' could 'take off or not'.

Regards,
J.D.

Posted by: chalky6766

To anyone thinking of this, do your research ask for all of the information. Read anything you have to sign at least 10 times and if their is anything that you don't like or you cannot substantiated or is frivolous or open ended in its contractual content and meaning then avoid it, specifically in reference to reimbursement. If it makes sense, all of the paperwork is in order then its worth considering as with all things that wont leave you out of pocket.

Posted by: dubai veteran

wow , why all this hate? seems like some people have been burnt badly in the last few years in one way or another , my opinion is dubai is built on innovation , let people try new stuff , its what we are all about in this city..

i do understand people being hesitant though when anything real-estate comes up, things used to be murky in the past , my 2 cents is that peoples atitudes need to change if we wish to surpass the west in innovation and not shoot down any idea based on our personal past experiences!

then again i could be wrong!

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