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Abu Dhabi permits expats to own freehold homes and land in selected zones
| Published: | 18 Apr at 6 PM |
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Tagged: Property Abroad, Citizenship
A new Abu Dhabi law will now allow residential units located in areas designated for investment to be registered as freehold, thus allowing purchase by expatriates.
Changes to the emirate’s real estate laws are to result in expatriates being allowed to purchase freehold land and properties in designated investment areas. In the past, land and property ownership was restricted to Emirati nationals and citizens of GCC states, with expats only allowed to purchase 99-year leases. The new law is expected to be welcomed by expatriate professionals living and working in the region as it gives more stability for those on long-term contracts.
According to construction company Aldar’s CEO, the move is expected to encourage long-term residency in the skilled expat community as well as providing clear title to foreign owners and increasing transparency in the sector. The developer has just announced its recently-launched residential project located on Yas Island and aimed at expats from all nationalities is now sold out, generating some $109 million from the sales.
It seems allowing expatriate professionals to fully own land and homes is the way forward for Abu Dhabi’s preferred economic position as an investment hub for foreign talent. The development of real estate projects in designated investment areas in line with international standards and the latest trends is being considered as a way forward as well as an incentive for top talent expats to choose the emirate over and above its many rivals in the region.
Changes to the emirate’s real estate laws are to result in expatriates being allowed to purchase freehold land and properties in designated investment areas. In the past, land and property ownership was restricted to Emirati nationals and citizens of GCC states, with expats only allowed to purchase 99-year leases. The new law is expected to be welcomed by expatriate professionals living and working in the region as it gives more stability for those on long-term contracts.
According to construction company Aldar’s CEO, the move is expected to encourage long-term residency in the skilled expat community as well as providing clear title to foreign owners and increasing transparency in the sector. The developer has just announced its recently-launched residential project located on Yas Island and aimed at expats from all nationalities is now sold out, generating some $109 million from the sales.
It seems allowing expatriate professionals to fully own land and homes is the way forward for Abu Dhabi’s preferred economic position as an investment hub for foreign talent. The development of real estate projects in designated investment areas in line with international standards and the latest trends is being considered as a way forward as well as an incentive for top talent expats to choose the emirate over and above its many rivals in the region.
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