Dubai: new decree announces incentives for property investment funds. This covers all real estate in Emirate, including properties in private development zones and free zones.
23 July 2022, 12:00 AM
31 August 2022, 12:00 AM
Ruler of Dubai issued Decree No. (22) of 2022, introducing incentives for property investment funds in Dubai.
The Decree covers all real estate investment funds licensed and regulated by government authorities as well as private development zones and free zones, including the Dubai International Financial Centre (DIFC).
As per the new Decree, a ‘Register of Property Investment Funds’ will be established at the Dubai Land Department. The Decree outlines the terms, conditions, and procedures for listing in the Register.
Funds seeking to be listed in the Register should be licensed by government authorities including the Securities and Commodities Authority and the Dubai Financial Services Authority, DIFC’s independent regulator of financial services.
The value of real estate assets owned by the fund at the time of application for listing in the Register should be Dh180 million or above. Funds should not be suspended from trading in Dubai’s financial markets at the time of application.
The Decree also directs the establishment of a ‘Committee for Property Investment Funds,’ whose purpose is to identify areas and properties that funds are allowed to invest in either through full ownership or lease for a period not exceeding 99 years.
Property investment funds listed in the Register are entitled to receive the incentives specified by the Decree.