DIFC Simplifies Land Ownership Process
by Lorys Charalambous, Lowtax.net, Cyprus
09 May, 2017
The Dubai International Financial Centre (DIFC), a free trade zone in the United Arab Emirates, has signed an agreement allowing entities based in the Centre to purchase and register properties with the Dubai Land Department.
The agreement simplifies the landowner registration process for DIFC-based entities, and encourages greater institutional investment into Dubai's real estate sector, which remains one of the fastest growing segments of the emirate's economy with approximately 20,000 real estate transactions worth AED77bn (USD21bn) recorded in the first quarter of 2017, a 45 percent increase compared with the first quarter of 2016.
Essa Kazim, Governor of the DIFC, commented: "This agreement significantly benefits entities operating within the Centre, and the co-operation between DIFC and the Dubai Land Department is key to stimulating growth and investment activity in Dubai's real estate sector. To date the majority of real estate investment has predominantly been driven by individuals – by providing a platform that allows companies and funds to more easily invest in this asset class, we will undoubtedly see a shift towards greater institutional investment in the market."
He added: "This will also substantially benefit families who wish to do their private wealth and succession planning within the robust legal and regulatory framework offered by the DIFC, which remains a key focus area for the Centre, in line with our 2024 Strategy."
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