Areas of the Dubai property market are set to become more accessible for overseas property investors with the introduction of real estate investment trusts (REITs).

The Dubai Financial Services Authority (DFSA) has officially announced that the rules to permit and govern the operation of REITs have been finalised and will be effective immediately.

On August 1st an investment trust law was approved for the Dubai property market by Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, which paved the way for the completion of the rules relating to REITs.

David Knott, chief executive of the DFSA, said: "In many of the world's major capital markets REITs have become the most favoured method for attracting public ownership in property investments.

"They provide a convenient form for listed and tradable property ownership with transparent pricing and liquidity."

In providing extra options for overseas property investors, the REITs will add a "significant new dimension" to the property market in the United Arab Emirates, Mr Knott said.

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    Carol McDonald