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Developer welcomes UAE law to boost realty investment

Dubai Land Department's plan to create a mortgage and finance law may help the emirate attract more foreign investment

DLD's law may support real estate developers.
DLD's law may support real estate developers.

The Dubai Land Department’s (DLD) mortgage and finance law will increase the amount of cash in the emirate’ real estate market, Binghatti Developers chief executive officer said.

Chief executive officer and head of architecture at Binghatti Developers, Muhammad Binghatti, said DLD’s new law would help investors buy mixed-size residential units.

"This initiative is expected to raise the money value in the market and make the economic environment a more attractive, competitive, and innovative one. Under the current context of security and economic stability in Dubai, this initiative will provide all the means to facilitate the financing of residential units’ purchases by investors of all sizes" he said Binghatti.

READ: DLD reviews rental law with retail operators

Real estate developers in Dubai could see new investment partnerships and receive a financial boost to future project under the recently-developed law, according to Binghatti.

“We expect this initiative to have a positive impact on the sector as it would enable local real estate companies to exchange experiences with various foreign ones. This will extensively improve services and products and modernise investment streams to strengthen the sustainability of investments in the market," he added.

Earlier this month, DLD launched several initiatives aimed at boosting Dubai’s real estate sector, one of which was creating a mortgage and finance law to attract foreign investment.

It may also strengthen public-private partnerships in the emirate by developing mortgage financing that could help DLD identified what it called the “mortgage engines” in Dubai.

DLD's initiatives have been presented to HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Development of Dubai’s real estate and mortgage law will see a legislation package issued by DLD in the future.

The initiatives are part of a broader strategy around building financial stability, economic diversification, government expenditure, and the Dubai Plan 2021.

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Construction Week - Issue 751
Oct 13, 2019