A property scheme can only be set up as a non UCITS fund. The term property is defined as a freehold or leasehold, with a minimum unexpired lease of seventy years' interest in any land or building. Before authorising the scheme, the Financial Regulator must be satisfied that the directors and investment advisors have specific experience in this type of fund.

Partly paid shares may be issued. The company must appoint a qualified independent valuer selected on a basis approved by the Financial Regulator. The scheme must be valued at open market value at least twice a year with provisions being made for more frequent valuations where the market conditions warrant it. The Financial Regulator Notices NU 18 specify additional investment restrictions.