When in Dubai, do buy. Be it the surprises in summer, the shopping festival in winter, or the gadgets gala in autumn, there's no escaping the year-long buying bonanza that is Dubai. People travel from all across the world to indulge in a bit of retail therapy here. Plus, there's this evergreen frenzy for duty-free raffle tickets. But with a ticket for the $1-million raffle priced at Dh1,000, it is not uncommon to see several residents joining hands to snap one up and share the spoils if they win. An interesting, crowdsourcing approach to raffling, one could say - an art perfected in Dubai. Now residents can use the same route to buying property. No kidding.
In true Dubai style, the emirate has decided to add even more power to one of its most potent socio-economic growth engines: real estate. Among other notable announcements made recently is one that allows partial title deeds procedures to register units owned by a number of partners. Already part of the best practices in some of the world's biggest property destinations, this new initiative opens up several options for those keen to purchase Dubai property. Until now, the size of one's pocket was the limiting factor not only when it came to the size or format of the property but, often, also the location.
Like if one had Dh500,000 at their disposal in cash plus mortgage, one would be able to invest in, at the most, a one-bedroom unit in a Tier 2 area. By allowing partial title deed registration, Dubai now opens up a Dh2 million property in a Tier 1 area for four such buyers with Dh500k each, enhancing their return potential. It also makes it possible for individuals to sell their share in such a property irrespective of whether or not others are keen on disposing of their share at the same time. While the option is initially available for hotel facilities, sources maintain it's only a matter of time before it is implemented in the residential property sector. That's when the sum of parts will be greater than the whole.
Source: Khaleej Times
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