A New Law for Real estate - Response Auctions
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Adding on to this, in order to encourage the development of real estate investment funds in the emirate, Dubai has passed a new law. The law essentially establishes a registration for property investment funds, whose members will be granted specific privileges to help them in their investing activities in the real estate market of the emirate. According to a statement on WAM, Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, issued the new rule as part of the emirate's goal to be a "global real estate investment destination and attract global property investing money.
Real estate investment funds that are authorized and governed by governmental agencies as well as those in private and free zones, such as the Dubai International Financial Centre, are included in the new registry. It also includes all the Dubai real estate. It is been observed that, AED180 million in real estate assets or more is required for registration.
"Enhance property investments as the industry grows rapidly." - Response Auctions
The law effectively creates a register for property investment funds, whose members will be given certain privileges to assist them in their investment activities in emirate’s real estate market. The new law also established a special committee to decide which locations and assets funds are permitted to invest in. The Dubai Land Department will also hire a valuation expert to establish the worth of the properties owned by the funds.
The decision was made as Dubai intensifies its efforts to entice foreign investors, with the real estate industry serving as one of the key industries.
According to data from Dubai Land Department (DLD), the real estate market in Dubai saw sales of AED 22.7 billion in June, the biggest volume in the previous 13 years and over 71 percent of the total sales volume for 2021.
On a sequential basis, the June transaction data are 32.88 percent higher in terms of volumes and 24.21 percent higher in terms of value than May 2022.
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