Media ININ Economy We Trust
Media IN Dubai 3rd-07-2019
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.
DLD said in a statement that a law was being drafted for real estate investment portfolios that is still under accreditation and review by the concerned parties.
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.
The 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.
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.
