The Department of Urban Planning and Municipalities announced the entry into force of the law issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, in his capacity as the Ruler of Abu Dhabi, to amend some provisions of Law No. 19 of 2005 in real estate ownership, which allows non-citizens to own all properties, including The land within the investment areas in the Emirate of Abu Dhabi, and allows the public shareholding companies, which do not exceed the proportion of non-citizens of the share of 49% ownership of real estate in the emirate.
She explained at a press conference yesterday that there are currently 29 investment zones in Abu Dhabi, which are subject to the new law, expected to add new places to existing investment areas.
Investors who have bought land, apartments and villas in investment areas over the past 10 years can adjust their situation, allowing them to fully sell, sell and lease, she said.
It also confirmed that the purchase and ownership of land is available in the industrial zones, similar to the investment areas, at a time when the index of real estate transactions in Abu Dhabi within a month.
The validity of the law
Abu Dhabi's Urban Planning and Urban Planning Department, Falah Al Ahbabi, yesterday announced the implementation of the law issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, in his capacity as Ruler of the Emirate of Abu Dhabi. Which allows non-nationals to own all properties, including land within investment zones in the Emirate of Abu Dhabi, and allows public shareholding companies, which do not exceed the proportion of non-citizens, to 49% ownership of real estate in the emirate.
Accept applications
Al-Ahbabi said in a press conference held with the participation of the Head of Abu Dhabi Economic Development Department Saif Al Hajeri and two real estate companies that all applications for buying and owning properties in the investment areas including land, apartments, villas, Fast, and the bond is being issued immediately.
Al Ahbabi said Abu Dhabi currently has 29 investment zones under the new law, allowing full ownership of these properties in all areas, including public shareholding companies, private companies and individuals.
He revealed that the study is underway to add other places as investment areas under the decision, and expected to see the coming period to add new projects and places for the existing investment areas.
He stressed that the department allows all investors who have purchased land, apartments and villas in all investment areas in the past 10 years to adjust their situation so as to obtain the right to full ownership, complete freedom of disposition and issuance of their own deeds.
Long term lease
Al-Ahbabi explained that the law did not abolish long-term leasing, or so-called "mascatah" within the investment zones, but amended the status quo so that non-citizens, whether Gulf or non-Gulf, have the right to own real estate, including land, Conditions, full and unrestricted ownership of time within investment areas, and arranging any rights or actions on such properties, including inheritance, foreclosure and sale, within such investment areas.
He added that the law strengthens Abu Dhabi as a destination for attracting residents as well as investors. It also supports confidence in the emirate's real estate sector, attracts investment funds and opens new horizons that benefit the parties to the real estate process.
Industrial zones
Al-Ahbabi added that the purchase and acquisition of land is also available in the industrial zones, as in the investment areas. The ownership is available in the industrial zone of Kizad and the specialized economic zones in ICAD 1, 2, 3 and 4, , And its desire to put up land to own rather than lease.
Real Estate Index
Al-Ahbabi added that the index of real estate transactions in Abu Dhabi will be issued within a month at the most, to be issued weekly, and determine the volume of trading, and the best trading prices, as well as the activation of the index of rents on a regular basis during the coming period, based on contracts to document rents, A large number of property owners in Abu Dhabi are currently residents.
Attracting investments
Abu Dhabi's Department of Economic Development, Saif Al Hajri, said the opening of real estate increases real estate transactions and attracts new investments both inside and outside the country.
He pointed out that the law gave the public shareholding companies the ease and ease of disposing of land outside the investment areas. He pointed out that many investment funds would like to enter the Abu Dhabi market. The amendments are expected to encourage them to support the economy of Abu Dhabi.
Al-Hajri revealed that there are new investment areas in the industrial sector in Al Ruwais, which is dedicated to petrochemicals. The new law will also apply to land and real estate. Agricultural technology companies have announced their intention to invest in Abu Dhabi, And medical industries through the «Tomorrow 21» program, which provides many facilities and incentives for investors.
He stressed that the new law encourages the acquisition and development of land in the investment zones in the Emirate of Abu Dhabi and will play a key role in attracting more international investments in the real estate sector in the emirate.
Attractive real estate sector
"The new law has strengthened the attractiveness of the real estate sector to become more promising in the coming period, as it will increase the size of the real estate market and contribute to attracting new local and external investments for Abu Dhabi in the real estate sector," said Jassim Al Siddiqui, a member of the board. , In addition to many other economic sectors, which is in the interest of the economy of the Emirate as a whole.
Falah Al Ahbabi:
«Law strengthens confidence in the real estate sector and attracts
Investment funds ».
Saif Al-Hajri:
«Opening the door of real estate increases the dealings
Real estate, and attracting new investments ».
Abeer Abdul Halim Abu Dhabi