Wednesday, September 21, 2011

New deal between DLD, Wasl to focus on off-plan investments

The Dubai Land Department (DLD) will soon identify, propose and evaluate off-plan investments, according to latest deal of the DLD with Wasl Asset Management Group.

Wasl, is the subsidiary of the Govenment-owned Dubai Real Estate Corp. This new deal is hoped to restore the lost confidence in Dubai’s property market and promote government and private institutions to sign similar deals as per their Tanmia initiative.

The Senior Director at DLD, Majida Ali Rashid, mentioned that the organization will study the inventories of all stalled Dubai projects, and determine the ratio of achievement, prior to assessing the legal status of these projects and offering them on sale or lease to interested parties.

The proposal will help in identifying the property, proposal for purchasing intended project, and the evaluation. The proposal will recommend appropriate price, and necessary measures will be taken with respect to liquidation of projects, settlement of rights and legal hassles associated with the project, the DLD revealed.

According to analysts, this initiative by DLD will help restore confidence in Dubai property market, although investors are still hesitant over purchasing off-plan properties, and are more focussed on purchasing tangible income generating assets, and in-demand office space, said Matthew Green, Head of Research, CBRE.

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