Up to four people can own one property.
The new ownership system allows customers to split Title Deed into four shares. The share can belong to any person who is not related to three other people by family or other ties.
Foreigners can purchase an apartment, villa, or any other kind of property on the market using Title Deed. Such ownership is available for property of any age approved by the Real Estate Regulatory Agency (RERA) if it is not an emergency and does not violate the rules of construction and operation.
This innovation is designed to attract more foreign buyers and investors, especially those who do not belong to the group of "persons with high net worth".
This should lead to the liberalization of prices in the market to expand it to buyers with more modest incomes who would refuse to buy real estate, residential or commercial, in the emirate.
This decision continues the policy of the emirate authorities to provide more and more affordable ways for foreigners to buy property in Dubai. The last decision was the development of crowdfunding platforms for collective financing of real estate investments.
The whole process of making a shared purchase is simple. It is easy to sell a share — the share can be sold both to a new buyer and to one of the co-owners.
