Latest news with #propertyOwnership
Khaleej Times
03-07-2025
- Business
- Khaleej Times
Flexible payments, lesser fees: How Dubai's new initiative benefits first-time home buyers
Dubai's latest initiative to incentivize first-time homebuyers is set to make property ownership more affordable for investors and end-users. On Wednesday, the Dubai Land Department (DLD), in collaboration with the Department of Economy and Tourism (DET), launched the First-Time Home Buyer Programme. The initiative offers priority access to new developments, preferential pricing, and customized mortgage solutions via the DLD platform and the Dubai REST app. Open to all UAE residents aged 18 and above, the programme caps investments at Dh5 million. According to global consultancy Knight Frank, property prices in Dubai are already more competitive than those in many major global cities such as New York, London, Tokyo, Hong Kong, Mumbai, Singapore, Geneva, Shanghai, and Vienna. Participating developers — including Azizi Developments, Beyond Developments, Binghatti Holding, Damac Properties, Danube Properties, Dubai Properties, Ellington Properties, Emaar Properties, Majid Al Futtaim Group, Meraas, Nakheel, Palma Holding, and Wasl — are offering discounted mortgage rates and preferential prices, making property more affordable for first-time buyers. Azizi Developments announced exclusive offers for new buyers through the dedicated platform operated by DLD and DET. The company noted that it would direct sales to interested buyers at favorable rates by reallocating brokerage commissions, further enhancing affordability. 'The programme not only enables renters to become homeowners, but also promotes economic stability by encouraging long-term financial planning and asset-building," said Mirwais Azizi, founder and chairman of Azizi Developments. "Through enhanced accessibility and tailored pricing, we are helping more residents transition into homeownership while supporting real estate sector growth," he added. Easing entry into the market Riz Ahmed, CEO of SmartCrowd, emphasized that early access to launches, special pricing, flexible payment plans, and the option to split DLD fees into interest-free installments will ease the path for first-time buyers. 'It's definitely becoming more manageable. While the initiative doesn't lower prices directly, it reduces initial financial pressure through lower fees, better mortgage rates, and flexible payment options,' he explained. Nitin Chopra, CEO of Range International Property Investment, said that by opening the programme to all residents over 18 — regardless of nationality— and setting a cap at Dh5 million, the government is targeting the mid-market segment where demand is strong and affordability is crucial. 'The programme modernizes homebuying by digitizing traditional paper-based processes. Licensed brokers onboard buyers via a centralized 'Dubai Brokers' portal, positioning them as compliance custodians within a government-backed framework,' Chopra said. He also highlighted that close coordination with Dubai's leading developers and banks ensures mortgage solutions are tailored to the programme's needs, aligning supply and finance with structured, demand-led policy. 'While the full impact remains to be seen, the initiative is poised to expand access, relieve price pressures, and diversify homeownership in Dubai's growing market," he said. Empowering a new generation of buyers Navneet Mandhani, co-founder of Karma Developers, praised the programme for easing the financial burden on new buyers — whether through reduced upfront costs, waived fees, or better mortgage access. 'This initiative empowers a new generation of residents and expatriates to take their first step toward homeownership,' he said. 'For investors, it expands the buyer base and injects fresh liquidity into the market. Over time, these incentives will foster a more mature market focused on end-user growth over speculative investment.' Despite a steady rise in property prices due to high demand and limited supply, Mandhani believes Dubai remains relatively affordable compared to other global cities. 'Developers and lenders are responding with flexible mortgage options, tailored payment plans, and lower entry thresholds. Factoring in long-term rental savings, capital appreciation, and the stability of Dubai's real estate market, buying now makes strong financial sense for residents with stable incomes and a long-term outlook,' he added. Widening market participation Samer Ambar, co-founder and CEO of Reef Luxury Developments, said the new programme makes homeownership significantly more accessible for both first-time investors and end-users. 'Offering a range of pricing options and manageable payment structures makes a tangible difference for first-time buyers. It provides a meaningful advantage that wouldn't otherwise exist,' he said. Beyond affordability, Ambar emphasized that developers must ensure these homes remain high-value, long-term assets for buyers. Veer Doshi, CEO and managing director of Vincitore Realty, noted that the initiative not only helps renters become owners but also fosters community stability and belonging. 'Exclusive incentives like preferential pricing and flexible mortgage options enable residents to fulfill their homeownership dreams, while also promoting sustainable sector growth,' said Doshi. 'For both end-users and investors, these changes break down traditional barriers and create a more inclusive, resilient market.' With mortgage rates stabilizing and developers offering investor-friendly plans, Doshi said owning is now often comparable — or even cheaper — than long-term renting. 'Market conditions and developer incentives have created a unique window for first-time buyers to enter without compromising on location, quality, or long-term value,' he added. Driving long-term stability Yogesh Bulchandani, CEO and co-founder of Sunrise Capital, highlighted how the initiative lowers the entry barrier for aspiring homeowners through a combination of exclusive benefits: early access to launches, flexible payments, and tailored mortgage products. 'For end-users, it offers a more attainable path to long-term stability and wealth creation. For investors, it signals a maturing and resilient market supported by broader buyer participation — especially from younger residents and long-term expatriates,' he said. By capping eligible properties at Dh5 million, introducing zero-interest registration fee payment plans, and launching exclusive mortgage products, Bulchandani believes Dubai is making homeownership more accessible than ever. 'Combined with strong rental yields and enhanced residency options, buying a home in Dubai is now a practical, financially sound decision — not just an aspiration. This initiative will convert more tenants into owners, stimulate genuine end-user demand, and lead to a more balanced and sustainable real estate market,' he concluded.
Malay Mail
09-06-2025
- Business
- Malay Mail
Selangor launches RM100m plan to fix strata title backlog, starting with six apartments
The state government has budgeted RM10 million this year for the initiative. The state expects the entire exercise to cost RM100 million over 10 years. Six highrises have been chosen as pilot projects. PUCHONG, June 9 — The Selangor government has launched a RM100 million initiative to resolve long-standing strata title issues affecting apartment owners across the state. Menteri Besar Datuk Seri Amirudin Shari said the Selangor Strata Fund will address the problem in phases, starting with six pilot projects, The Star reported today. These include Flat Bunga Raya in Port Klang, Pangsapuri Seroja in Puchong, Apartment Dahlia in Rawang, Rumah Bandar Taman Saga in Ampang, and Pangsapuri Permai and Pangsapuri Seri Damai in Batu Caves. 'Although this involves significant financial implications for the state, the initiative will be continued in the interest of current owners and the future generations, to enable secure inheritance of the properties,' he was quoted as saying at a community event at the Taman Putra Perdana Food Court here. Amirudin said RM10 million has been allocated this year under the state budget to kick-start the initiative. He estimated a total of RM100 million would be needed to resolve all strata title cases over the next decade. He said the strata title is crucial in clarifying ownership, easing the inheritance process, and protecting the rights of heirs. Amirudin also said the state expects the fund to bring returns within 10 years, as units with strata titles will begin paying parcel quit rent. Also present at the launch was state housing and culture committee chairman Datuk Borhan Aman Shah. Borhan said strata housing in Selangor has expanded rapidly, with over 898,000 titles registered as of 2023. He added that 648 schemes involving 138,817 residential units have yet to secure strata titles since 2007.
The Guardian
19-05-2025
- Business
- The Guardian
At least £64bn of property in England and Wales is hidden behind opaque trusts
The owners of nearly a quarter of a million properties in England and Wales worth a combined £64bn are hidden behind opaque trusts, according to research that prompts concern that such structures are the 'go-to vehicle for kleptocrats' stashing money in Britain. The government introduced a register of property held through offshore vehicles in August 2022, revealing a string of unknown owners, including high-profile figures such as Lewis Hamilton and James Dyson, as well as sanctioned Russians, Gulf royals and the Chinese state. But the register still allows thousands of property owners to hide their identities using tactics such as registering the asset in the name of a trust, or a company owned by a trust. At least 236,500 properties across England and Wales, worth at least £64bn, are hidden behind these 'opaque' structures, according to research by Transparency International. The campaign group said this risked allowing wealthy individuals – including those linked to corruption – to shield their assets. Transparency International also pointed to a government report that found trusts were likely to be hampering the government's sanctions regime against Russian nationals by allowing them to hide and move their wealth. It wants the government to close loopholes to ensure that ultimate ownership of property held through trusts is disclosed. Joe Powell, a Labour MP who chairs an all-party parliamentary group on corruption and tax, said: 'This research confirms that trusts are now the go-to vehicle for kleptocrats seeking to hide illicit wealth and avoid scrutiny.' He said that in his constituency, Kensington and Chelsea in London, about 40% of overseas-owned property was held through a trust. Powell said: 'The government has already made real progress in tackling corruption but trusts remain a significant blind spot in the UK's transparency framework. 'There's a real risk this loophole is incentivising more opaque ownership and undermining efforts to tackle corruption. Bringing trust ownership into scope would close a key gap and help realise the government's welcome ambition to lead on anti-corruption globally.' Transparency International highlighted examples of hidden structures that have come to light, including a £61m London apartment linked to a Russian oligarch's partner but not subject to a freezing order from the Treasury, despite similar properties being frozen in France. Margot Mollat, senior researcher at Transparency International, said: 'Trusts are an obvious choice for those looking to hide assets, conceal suspect wealth and evade sanctions. If the UK is to be the anti-corruption capital of the world, it needs to deal with its trust issue.' The government is consulting on whether to allow third-party access to the trust registration service, which is accessible to law enforcement bodies. A Treasury spokesperson said: 'We have frozen £25bn worth of Russian assets and working with our allies, we have deprived Russia of over £300bn – the equivalent of four years of Russia's military spending. 'We will continue to robustly enforce our financial sanctions as part of our wider response to Russia's invasion of Ukraine.'
