Abu Dhabi changes laws to allow foreign ownership of freehold property
Following recent news of high-yielding rental returns in the UAE – at almost twice most major markets – comes a change in the law that is likely to spike further interest in the Abu Dhabi market among global property investors.
In a bid to increase investment and boost the economy, the government of Abu Dhabi has changed the law to allow foreigners to buy freehold property in designated zones.
Foreigners were previously granted only leasehold property arrangements with a maximum tenure of 99 years, and freehold property ownership was reserved for UAE and GCC nationals. Now, foreigners foreign property buyers will now be able to access special designated investment zones.
The modernisation of the real estate law reflects the government vision to support and develop the business environment in Abu Dhabi, along with the development of investor services and procedures.”Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi
It’s a move that’s been welcomed by developers and investors alike.
This is a game changing announcement that will not only drive the maturity of Abu Dhabi’s real estate market, but 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.Talal Al Dhiyebi, chief executive, Aldar Properties
Where to now?
- Discover the ultra-prime property markets leading the world in the US$25m and above segment (spoiler alert: Singapore places fourth);
- Peruse these premium new builds in Australia by leading developer Crown Group.
- Invest in Singapore’s largest condo development, Treasure at Tampines; or Japan’s loveliest ski development at Kiroro;
- Or take stock of these 10 jaw-dropping luxury condos of Sentosa Cove.