The Dubai Land Department (DLD) yesterday announced new initiative the Real Estate Investment Opportunities (REIOs) to boost the emirate’s real estate sector.
The media office of the government of Dubai said “several” investment products will be launched under the REIOs initiative, most notably the collective real estate investment funds, partial title deeds procedures to register units owned by a number of partners, the lease-to-own system, and investment portfolio applications.
Majid Saqr Al Marri, CEO of the Registration and Real Estate Services sector at DLD, said regarding the partial title deeds project, that a "unified system means equal ownership of properties between 2 – 4 investors, and will initially be available for hotel facilities."
The new REIOs is expected to boost the share of investors in Dubai’s real estate market investments in global real estate portfolios and find new ways to attract investment in the sector.
Dubai’s real estate transaction growth in the first quarter of 2019 grew 8 percent to reach 119 billion dirhams ($32.4 billion), compared to the same period last year, according to Majida Ali Rashid, CEO of the Promotion and Real Estate Investment Manager sector at the DLD.
The number of active investors was 2,800.
Marwan bin Ghalita, CEO of Real Estate Regulatory Agency (RERA) said the new products seeks “a larger segment of investors, both inside and outside the UAE, and allow them to own properties in Dubai”.
Four memorandums of understanding were signed during the announcement event on Tuesday.
The first was between DLD and Ethis Dubai to cooperate in providing consultancy services and real estate promotion. Ethis Dubai is a unit of Singapore-based Shariah-compliant real estate crowdfunding platform EthisCrowd.
The second was signed between DLD and Investbridge Capital Limited to provide advisory services to real estate investment channels in Dubai.
The third MoU was signed between DLD and Bester Capital Investments L.L.C to cooperate in the fields of digital applications, and real estate investment and promotion.
The fourth was signed between MAG Development and Ethis Dubai, representing the first agreement between a real estate developer and a group investment company under the REIOs initiative.
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