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Read more informationDubai: Fractional Title Deed
The Dubai Land Department announced an initiative to implement a fractional title ownership regime with the aim to attract investors in the hospitality industry as well as other small investors to the Emirate.
A fractional title deed basically entails division of an individual property into either two or more fractions, wherein each fraction has its own title deed. Each of these deeds would be treated in the same manner as any individual title deed, which means that they can individually be transferred, sold and mortgaged. Small investors are usually reluctant to buy property due to high costs, a fractional ownership will allow such investors to become co-owners of the same property by merely paying a transfer fee on the amount that they have invested and not on the entire amount of the unit. This move would prove to be highly beneficial in terms of flexibility of investment and financial obligations. The concept of co-ownership or combined ownership is prevalent in Europe and US in cases of high value tangible assets.
Representatives of the DLD clarified that there is no minimum investment criteria that needs to be adhered to under this title deed model. The investment requirements shall be dependent on the cost of the unit and market conditions. Further, considering the state of the economy, owing to the pandemic the concept of joint ownership is a great step to help recover the losses incurred.
It is imperative to note, that this concept is merely in its initial stages hence, not much can be said about it. There are many questions that still need clarification, such as service charges, arrears, liquidity, holding terms, restrictions, exit options etc. however, individuals who are desirous of investing in the real estate sector should do their due diligence and ensure that all their paperwork is consistent with their prospective investment decision.