The Dubai Land Department (DLD) is working on a new rental law that will give separate weightage between commercial and residential real estate. The law, which is in front of the legislative committee, will replace the current rental regulation, senior executives said. That could result in each property asset class having its own rental index. The Dubai Land Department has revealed that Dubai has registered transactions worth Dhs 77 billion during the first quarter of 2017.
Sultan Butti bin Mejren, director-general of DLD, said this is an increase of 45% compared to the first quarter of 2016. "These numbers are promising and go against the negative mentions that were being made about Dubai property market's prospects. It has the makings of being a good year," said bin Mejren.
"We wanted a new rental law that covers all types of property assets and not just draw on the provisions within a single, unified law," said Marwan bin Ghalita, CEO of the Real Estate Regulatory Agency (Rera). The DLD is also working on putting in place a foundation for real estate investment trusts (Reit). Currently, there is only the Emirates Reit that is active in the market.
Bin Mejren said: "The DLD is keen to cooperate with all concerned parties in the public and private sectors to spread awareness and a safe real estate culture among citizens, residents and visitors by informing them of their rights and duties. This book will help to inform investors about their rights, and is also a tool for promoting a safe and stable investment environment for investors seeking opportunities in Dubai."
You might also be interested in...