Amendments to Abu Dhabi’s Real Estate Rules14-05-2019
Ownership rules for foreigners in Abu Dhabi’s Real Estate Market:
Abu Dhabi Government’s decision to amend Law No. 19 of 2005 on Real Estate Ownership (“real estate law”) allowing foreigners to own freehold properties in designated free zones is a step forward towards enhancing Abu Dhabi’s property market, where both investors and developers could benefit alike. Prior to the amendment, only UAE and GCC Nationals were permitted to own freehold properties while foreigners were limited to leasehold arrangements with a maximum of a “99- year lease”.
The purpose of this change is to increase investments, long term residencies and clarity regarding Title Deeds for property owners. This decision is also part of the Abu Dhabi government’s strategy to attract Foreign Direct Investment (“FDI”) and support its Ghadan 21 initiative for attracting FDI inwards within the priority sectors.
How TLG can help
TLG’s Corporate & Commercial Division would be pleased to provide you with assistance and support in assessing the applicability and/or impact of this new provision to your specific case, as well as, assist with related area’s such as but not limited to investment activities, taxation, estate planning, reviewing and negotiating investment contracts and providing due diligence.
Should you have any questions and/or queries, please feel free to contact TLG’s Corporate & Commercial Division for further information and assistance you may require.
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