The Executive Council of Dubai has approved the “Real Estate Units Sorting” initiative in residential buildings in areas owned by citizens in Dubai, as part of developing systems and procedures in the real estate sector to enhance investment in these areas for citizens, provide new housing options, and support the strengthening of social ties in order to achieve the goals of the Dubai Real Estate Sector Strategy 2033.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defense, and Chairman of the Executive Council of Dubai, said while chairing the Executive Council on Thursday at Emirates Towers: “As part of developing systems to enhance the real estate sector, we have launched the “Real Estate Units Sorting” project in a number of areas owned by citizens in Dubai, which enhances citizens’ ownership opportunities and provides them with a package of profitable and encouraging investment options.”
The initiative allows owners to sort real estate units in a single building smoothly and separately, and issue independent title deeds for each unit, which facilitates real estate transactions and dealings, supports investment opportunities for families, enhances social ties, and provides flexible and profitable housing solutions that contribute to strengthening family cohesion and documenting community communication.
The “Real Estate Units Sorting” initiative also supports the activation of real estate transactions by enhancing economic activity in the targeted areas, and the feasible and encouraging investment opportunities for citizens in the real estate market.
The initiative will be implemented by the Land and Property Department on a trial basis in two phases, the first of which will be applied to multi-storey buildings for investment purposes in the areas of Al Nahda, Al Muraqabat and Al Karama, or for social purposes in Al Warqa, Nad Al Hamar and Al Barsha. While the second phase will be applied to residential villa complexes in specific areas for citizens to provide the option of purchasing housing.