Abu Dhabi will now allow all the foreigners to own land and property in the investment area on a freehold basis. The new resolution has now brought changes to the real estate law. The details regarding this were published by the state news agency WAM.
Previously the country limited the ownership largely to Emiratis and citizens of the neighboring Gulf Cooperation Council states.
Aldar Properties, Abudabi’s real estate firm has asserted that the residential units in investment areas will now be registers under Abu Dhabi’s freehold law.
“This will not only further drive the maturity of Abu Dhabi’s real estate market, but will also increase transparency and provide clarity of title for property owners, increasing long term investment, injecting more liquidity into the market and encouraging longer term residency,” Aldar chief executive Talal Al Dhiyebi said in a statement.
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