Dubai Land Department (DLD), through the real estate development sector, has launched the real estate investment trusts (REIT) privileges registry, and announced the opening of registration in it. Following design and development of the online platform and the training the service centres to receive applications, local and international real estate investment trusts are now ready to be processed.
This step comes in line with the Decree No. 22 of 2022 regarding approving the grant of privileges to real estate investment finds across the emirate, which aims to enhance its position as a global hub for real estate investment, and to provide incentive benefits to encourage real estate investment trust (REIT) to consider various projects across Dubai, and increasing investment in the market by achieving a long-term capital return for shareholders in these trusts.
Sultan Butti Bin Mejren, Director-General of the Dubai Land Department, said, “The privileges associated with the real estate investment trust (REIT) register is a new path in the emirate’s journey towards a more prepared future, by raising attractiveness for local and foreign real estate investments, in line with the visions and directives of our wise leadership, represented by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. This move is in conjunction with the efforts made by the Dubai Land Department and its partners from the government and private sectors to translate and achieve the objectives of the Dubai Economic Agenda D33 for foreign investment and the raising of private sector investment in development projects.”
Bin Mejren added, “DLD, through its specialists and work teams, will make all the efforts required to develop a register of privileges, and motivate local and international real estate trust companies, who meet the conditions and procedures, to benefit from the advantages of registration, which contributes to increasing the value of real estate transactions, for a more competitive Dubai.”
Meanwhile Dubai Land Department (DLD) participated in the inaugural Qatar Real Estate Forum, which aimed to shed light on the challenges facing the real estate sector in Qatar and discuss its future vision.
DLD’s delegation was chaired by Sultan Butti Bin Mejren, DLD’s Director-General, and included Marwan Bin Ghalita, CEO of the Real Estate Regulatory Agency (RERA); Khalifa Al Suwaidi, CEO of Emirates Real Estate Solutions (ERES); and Ammar Abdullah Al Hammadi, Director of the Marketing and Communication Department.
The delegation’s participation comes in response to the invitation of the forum organisers’ as a recognition of Dubai’s leads in the real estate sector and the global achievement by the Dubai Land Department. The participation aimed to share Dubai’s success story and to support the development of the real estate sector in Qatar.
In this regard, Sultan Butti bin Mejren commended the organisation and presentations at the forum. He recognised the commendable efforts by Qatar in real estate, expressing his enthusiasm for strengthening ties amongst Gulf countries to advance the sector’s comprehensive development.
He said, “The knowledge transfer and economic integration between the Gulf countries foster the desired development for all. Dubai Land Department is always ready to offer all forms of cooperation and support in various fields of the real estate sector to our brothers in Qatar. Exchanging experiences and best practices reflect positively on our collective efforts and serves our societies and countries as a whole.”
A total of 4,048 real estate transactions worth over Dhs15.6 billion were conducted during the week ending 23rd June, 2023, according to figures released by the Dubai Land Department (DLD).
The DLD report showed that 278 plots were sold for Dhs1.74 billion, while 2,965 apartments and villas were purchased for Dhs7.34 billion.
The top three transactions were a land in Wadi Al Safa 3 sold for Dhs89.23 million, a land sold for Dhs75 million in Madinat Dubai Almelaheyah, and another in Palm Jumeirah sold for Dhs70 million. Al Hebiah Fifth recorded the most sales transactions for this week with 82 transactions worth Dhs212.4 million, followed by Madinat Hind 4 with 31 sales transactions worth Dhs41.18 million, and Jabal Ali First with 27 sales transactions worth Dhs100 million.
The top three apartment and villa transfers included one in Al Goze First for Dhs252 million, another in Al Nahda First worth Dhs100 million, and an apartment in Palm Jumeirah worth Dhs100 million. The total value of mortgaged properties for the week reached Dhs5.61 billion. 139 properties were granted between first-degree relatives worth Dhs 934 million.
Dubai’s real estate market recorded 487 sales transactions worth Dhs1.8 billion on Friday, in addition to 138 mortgage deals totalling Dhs1.45 billion, and 19 gift deals amounting to Dhs140.12 million, data released by Dubai’s Land Department (DLD) showed.