Dubai Land Department (DLD) on Tuesday announced the launch of a new initiative which aims to attract a wider range of real estate investors to the emirate.
Under the Real Estate Investment Opportunities (REIOs) initiative, several investment products will be launched including collective real estate investment funds, partial title deeds procedures to register units owned by a number of partners, a lease-to-own system and investment portfolio applications.
A law is currently being drafted for real estate investment portfolios that is still under accreditation and review by the concerned parties, DLD said in a statement.
The launch comes as Dubai witnessed an 8 percent increase in real estate transactions during the first quarter of 2019 to AED119 billion compared to the year-earlier period.
DLD added that the number of active investors reached 2,800 during the quarter with a "large number of new investors" entering the Dubai real estate market for the first time.
Sultan Butti bin Mejren, director general of DLD, said: “We are proud to launch a new investment package that enhances the attractiveness of Dubai’s real estate environment, reaching a wider horizon of global leadership through which we will formulate new visions, especially with Expo 2020 around the corner.
"Unveiling REIOs reflects the positive impact of innovative ideas in the real estate sector.”
A special office has been approved at DLD to facilitate and unify all registration and follow-up procedures for this initiative, he added in a statement.
DLD said it will also approve a set of special privileges relating to real estate registration and its terms, and a special electronic contact website will be established.
Marwan bin Ghalita, CEO of Real Estate Regulatory Agency (RERA), said: “This initiative will help us emerge from the traditional patterns of property buying, selling, and registration. These processes require us to embrace technology and change, both of which paved the path to launching real estate products with the participation of developers to attract new investors.
"Previously, the real estate market targeted a certain class of investors - the wealthy. Today, however, through these four products, we seek to cover a larger segment of investors, both inside and outside the UAE, and allow them to own properties in Dubai and benefit from high returns on investments.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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