Abu Dhabi new real estate ownership rules

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Abu Dhabi new real estate ownership rules

His Highness, Sheikh khalifa Bin Zayed Al Nahyan, in his capacity as the ruler of the Emirate of Abu Dhabi has by virtue of a royal decree amended Law No. 19 of 2015, concerning real estate sector in the Emirate of Abu Dhabi.

Under the changes made to the Law, foreign investors can buy and sell real estate within designated investment zones. This right was previously restricted to Emirati and Gulf Cooperation Council (‘GCC’) citizens and foreign investors were restricted to 99 year leases only. Foreign investors can also register their land and units within the designated investment zones and get property ownership deeds under their own name. The proposed changes brings real estate investment rules in line with existing regulations in the Emirate of Dubai where foreign investors are already allowed to buy freehold real estate in investment zones.

In accordance with the royal decree, the Abu Dhabi department of urban planning and municipalities have designated the following investments zones where foreign investors can buy real estate:

  1. Raha Beach
  2. Reem Island
  3. Al Reef
  4. Lulu Island
  5. Saadiyat Island
  6. Yas Island
  7. Saih As Sidirah
  8. Masdar City
  9. Al Maryah Island
  10. Al Falah
  11. Fahad Island
  12. Hiid Al Sadiyat
  13. Al Jurf, Ghantoot
  14. Nurai Island
  15. Jubail Island
  16. Al Shamkha
  17. Palace Backwaters

The changes to the real estate law allowing for ownership of real estate by foreign investors is intended to drive foreign investment and provide a boost to the property market. In comparison, Aldar properties has recently announced that they have sold out and generated over Dhs 2 billion in sales from its Yas Island and Al Reem residential projects which is open to investors of all nationalities.

To learn more about the recent changes and for a assistance in your real estate investments, please get in touch with us by email on [email protected].

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