Real estate investment initiatives are started by Dubai to ensure a larger number of investors inside and outside of the UAE. This is according to the Dubai Land Department (DLD). Through the Real Estate Investment Opportunities (REIOs) initiatives, there will be a number of investment products available soon such as collective investment funds, a lease to own system and investment portfolio, and partial title deeds that allow for registration of units that are owned by several partners. A law is currently being drafted to protect portfolios. It is still under accreditation and reviewed by the authority groups.
The launch came as a result of an 8 percent increase in the real estate transactions during the first quarter of 2019 amounting to AED119 billion. During the first quarter, 2,800 investors came and a large percentage of these are new investors.
The DLD director-general, Sultan Butti bin Mejren, said that the new investment package enhances the real estate investment environment of Dubai. This also ensures a wider venue for enhancing global leadership which will pave the way for new ideas particularly with Expo 2020 being just around the bend.
The DLD also now has a special office delegated to facilitate and unify all the procedures for registration and follow up. DLD also expressed that they will be rolling out special privileges for real estate registration and its terms. A special website will also be launched for this.
The CEO of Real Estate Regulatory Agency (RERA), Marwan bin Ghalita, said that this will help Dubai and the UAE to rise from the traditional methods of buying, selling, and registering properties. It is required for the real estate investors to embrace technology and the changes it brings. These all enable the launching of real estate products with the help of developers to attract new investors.
Ghalita added that real estate used to cater to the wealthy only. Today it caters to a wider segment of investors inside and outside the UAE. This will allow investors to own properties in Dubai and benefit from high returns in the industry.