UAE crowdfunding platform SmartCrowd has lowered its minimum pricing to allow small-time investors to own a share of Dubai real estate for as low as 500 dirhams ($136).
Regulated by the Dubai Financial Services Authority (DFSA), the firm has so far distributed 1.3 million dirhams in rental income to investors who have put their money in more than 40 properties across Dubai, including those in Downtown, Marina, Jumeirah Lakes Towers and Jumeirah Village Circle.
Previously, crowdfunding participants were required to set aside a minimum investment amount of 2,000 dirhams.
“We want to make property investment affordable and accessible to everyone. For the same price as a brunch or a round of golf, everyday investors can now own a part of the vibrant city of Dubai,” Siddiq Farid, CEO and co-founder of SmartCrowd, said.
“This is a chance for regular hardworking people to build wealth and savings for the future. They are no longer restricted to only investing in stocks and bonds,” he added.
Property crowdfunding is an investment option that pools together the money from several investors. The funds are used to acquire property or finance a real estate project.
SmartCrowd is open to UAE nationals, expatriates, international investors and tourists. It was founded in Dubai in 2017 and became a fully licensed and regulated platform in November 2019.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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