In a pioneering move, Dubai has launched a new property platform that enables up to eight investors to jointly own a single property. The innovative platform, called Shard, aims to increase property ownership opportunities and provide greater flexibility for investors.
Traditionally, co-ownership of real estate in Dubai was limited to two or three partners. The new platform, developed by the Dubai Land Department (DLD), relaxes these restrictions, allowing more investors to participate in the market.
The Shard platform is designed to streamline the co-ownership process, making it easier for multiple investors to come together and purchase a property. The platform also offers a range of benefits, including increased investment opportunities, reduced costs, and enhanced liquidity.
“We are committed to making Dubai a hub for innovative real estate investments,” said Sultan Butti bin Mejren, Director General of the DLD. “The Shard platform is another milestone in our efforts to create a more vibrant and dynamic real estate market.”
The platform is expected to attract a wider range of investors, including individuals, companies, and institutional investors. It is also expected to increase the demand for residential and commercial properties in Dubai, contributing to the growth of the emirate’s real estate sector.
The Shard platform is currently available for residential properties only, but plans are underway to expand it to include commercial properties in the future.
In related news, the DLD has also announced plans to launch a new electronic real estate registration system (ERRS) that will automate the process of property registration and transfer. The ERRS aims to reduce the processing time for property transactions from several days to just a few minutes.
The DLD’s efforts are part of its strategy to create a more efficient and attractive real estate market in Dubai. The emirate has been working to improve its business environment and increase foreign investment in recent years.
Overall, the Shard platform is an innovative solution that is expected to have a positive impact on Dubai’s real estate market. It provides greater flexibility for investors and increases the opportunities for property ownership in the emirate.
