Tuesday, May 14, 2019

Abu Dhabi allows foreigners to own real estate

The Emirate of Abu Dhabi has opened the door to the freehold of real estate and land in the investment areas of foreigners in accordance with the law issued by the President of the UAE Sheikh Khalifa bin Zayed Al Nahyan to strengthen economic growth in the capital city of Abu Dhabi.
"The implementation of this law is an important step and we are optimistic about the future figures of ALDAR's sales resulting from allowing foreigners to own land and real estate," said Talal Al-Thiabi, CEO of ALDAR. "This will contribute to strengthening the economic growth in Abu Dhabi in general and the real estate sector in particular. .
He added that this law was implemented following a series of government decisions in Abu Dhabi, including the "Tomorrow 21" program for government projects, as well as the decisions issued by the state to give long-term visas to retirees or real estate investors. Investors abroad such as Indian or Chinese investors.

Rentals in Abu Dhabi
"The real estate market in Abu Dhabi in 2018 is a correction to rents," he said, pointing to stable real estate rental prices in the first quarter of 2019 in Reem, Al Raha Beach and Yas Island, a reassuring indicator.
He explained that the company has reached a total of sales exceeded two billion dirhams in the last two projects launched during the past four months, pointing out that the UAE investor has been the lion's share in the acquisition of these projects in addition to residents, whether foreign or Arab, adding that the proportion of buyers of real estate from foreigners who reside in The country is less than 1%.

UAE Property Law
Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates and Ruler of the Emirate of Abu Dhabi, has ordered amending certain provisions of Law No. 19 of 2005 on real estate ownership.
The amendment also allows foreigners to own real estate units in the investment areas after ownership is limited to the UAE people and citizens of the GCC countries. The law also opens for foreigners to register real estate units in certain investment areas in accordance with the Freehold Law in Abu Dhabi
The law also allowed the issuance of property documents to foreign investors in Abu Dhabi, where they had previously had the right to own real estate units on long-term contracts for only 99 years.
According to the new amendments to the law, foreigners are allowed to acquire all rights in kind, whether original or dependent on real estate units within the investment areas and are entitled to dispose of these properties.
The new amendments to the real estate law in the city of Abu Dhabi contribute to the diversity of the country's non-oil economy and stimulate global investments in Abu Dhabi because of the city's investment potential.
The new amendments to the law coincided with a time when Abu Dhabi hosted the Cityscape real estate exhibition. The exhibition witnessed an increase in the demand of its buyers to purchase land. Aldar Properties revealed that it had closed the sale of investment land on its Yas Island project Launched a few days ago because it sold all the land to a value of sales of 400 million dirhams and fully sold its new "Al Rayman" project has exceeded sales of two billion and six hundred dirhams.
Among the most important real estate investment areas in Abu Dhabi are Al Raha Beach, Al Bandar, Golf Gardens, Reem Island and Al Reef.

2 comments:

Contact Form

Name

Email *

Message *