Dubai Considers Rent-to-Own and Multiple Owners Arrangement in Real Estate
Dubai is now considering new initiatives to allow more liquidity in the market. There are new initiatives and regulations that Dubai is now considering as regards houses for sale in Dubai to boost its real estate market. Examples of these are the partial title deeds, multiple ownerships, rent-to-own systems, new real estate investment funds, and investment portfolio applications.
This move is intended to enhance the liquidity of the UAE’s real estate market which has been declining for a couple of years due to a decrease in demand. The rent-to-own system will be able to enhance the emirate’s position in the top real estate market.
Some developers have already started offering this arrangement for houses for sale in Dubai and the UAE. Aldar Properties which is based in Abu Dhabi announced the rent-to-own scheme in several homes within the West Yas community.
Marwan bin Ghalita, the CEO of Real Estate Regulatory Agency (Rera), is all praises for these initiatives. According to him, these will enable Dubai to come out from the traditional patterns involved in buying, selling, and registration.
He added that the inclusion of these arrangements requires embracing new technologies and other changes that enable the launch of real estate products with the help of developers to attract new property investors.
Ghalita also said that a larger segment of investors is targeted by the new schemes both inside and outside the UAE. These will enable these investors to own properties and benefit from the high returns on property investments. According to Talal Al Dhiyebi, the chief executive of Aldar, there is a high demand for rent-to-own properties.
Majid Saqr Al Marri, the CEO of the DLD’s registration and real estate services sectors, explained the partial title deeds system. According to him, it is an arrangement with equal ownership of the properties between two to four investors. This scheme will be available for hotel facilities initially.
Investors in any kind of property in the UAE will benefit much from professional advice. Find more professional help by contacting ReDubai.