As an investor, you do!
The property is legally owned by the SPV and you as a partial investor have shares in the SPV in proportionate to your investment.
You are the ultimate owner and beneficiary of the property proportionate to your investment amount.
For example, if you invest AED 500 in a AED 1M property, you own 0.05% of that property via the SPV. The remaining 99.95% is held by other property investors like you! Collectively, you all earn dividends through the property. You will effectively own 0.05% of the issued shares of the SPV. The SPV will own 100% of the investment property.
Through this mechanism, not only can you invest in an affordable manner, but you can also reduce your risk because you can spread your capital across dozens of properties as opposed to one (i.e., as the adage goes: don’t put all your eggs in one basket!)