Dubai Land Department (DLD) has revealed a new mortgage and finance law in order to boost investment and update financial mechanisms in the emirate’s property sector.
The move is part of a series of initiatives, which were presented to Dubai ruler Sheikh Mohammed, aimed at stimulating economic growth.
The initiatives will be applied by the Executive Council following the directives of Dubai Crown Prince and Chairman of the Dubai Executive Council, Sheikh Hamdan.
Their main objectives are to develop the city’s mortgage law to attract foreign investors and NASDAQ listed companies, encourage alternative financing methods and allow investors to diversify their property investments; catering to investors with small and medium-sized portfolios.
“By developing Dubai’s mortgage law, we will help real estate organisations operate in perfect harmony and enhance their smart resources to provide the best possible services to customers, support the GDP, and create strong new investment tributaries,” said Director General of DLD Sultan Butti bin Mejren.
The move is expected to strengthen partnerships between public and private sectors, in order to identify mortgage engines in Dubai’s property market and ultimately lead to greater confidence in mortgage registrations.
The initiatives are in line with the Dubai Plan 2021 to create an enhanced property investment environment that is transparent and safe for all investors.For all the latest real estate 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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