Dubai: Dubai will launch “partial” title deeds which will recognise multiple ownerships in a property.
“A unified system means equal ownership of properties among two to four investors, and will initially be available for hotel facilities,” said Majid Saqr Al Merri, CEO of the Registration and Real Estate Services sector at Dubai Land Department. “As for registration legislation, we will employ the existing ones.
“The partial title deeds project is a new initiative comprising a system that is utilised in the world’s largest investment destinations.”
Dubai to launch investment “opportunities”
The emirate is also looking at the feasibility to directly offer real estate investment “opportunities”, for which the Land Department is working on a supporting law. The law for “real estate investment portfolios is still under accreditation and review by the concerned parties”, the Land Department said in a statement.
The real estate authority had earlier done a feasibility study, which reviewed best practices in other international jurisdictions. A committee was then set up to develop the project, which now includes initiatives such as the partial title deeds, a lease-to-own system, and the launch of real estate funds. “We are proud to launch a new investment package that enhances the attractiveness of Dubai’s real estate environment,” said Sultan Butti Bin Mejren, Director-General.
A MoU (memorandum of understanding) has been signed between MAG Development and Ethis Dubai, which is the first between a developer and an investment company under the REIOs initiative.
Another MoU was entered into between the Land Department and Investbridge Capital Ltd. for advisory services related to property investments in Dubai.
Dubai’s real estate transactions total Dh119 billion in first six months of 2019.
New office set up to tap inward investments
A special office has been approved at Dubai Land Department’s “Cube” centre to unify all registrations and follow-up procedures for the new initiative. This is “expected to help increase Dubai investments in global real estate portfolios”.
“Previously, the real estate market targeted a certain class of investors — the wealthy,” said Marwan Bin Galita, CEO of RERA (Real Estate Regulatory Agency). “Today, 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.”