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Master developer Aldar Properties on Wednesday welcomed the Abu Dhabi government’s removal of restrictions on foreigners owning the freehold of land and properties they purchase in investment zones, a privilege previously reserved for UAE and GCC nationals.
The Abu Dhabi stock-exchange listed developer, citing a government notification, said in its press statement that residential units in investment zones would be registered under Abu Dhabi's freehold law with property ownership deeds issued to investors.
The statement noted that previously, foreign investors in Abu Dhabi property were generally limited to 99-year leasehold arrangements.
Aldar CEO Talal Al Dhiyebi was quoted in the statement as saying the move to allow freehold ownership for expats would drive the maturity of Abu Dhabi’s real estate market, inject more liquidity and encourage longer term residency.
Last year, the UAE federal government made sweeping changes to visa laws, which included granting long-term residency to UAE property owners, as well as retirement visas and 100 percent ownership of businesses for foreign investors, according to the statement.
Al Dhiyebi said: “We are already reaping the rewards of the recent initiatives and seeing a positive shift in sentiment, evident by strong sales of over two billion UAE dirhams ($544.51 million) achieved for our two latest plot developments, Alreeman and Lea, which demonstrates strength and resilience in the market.”
The statement said that Abu Dhabi has also launched the 'Ghadan 21' programme, a 50 billion dirham stimulus programme that aims to boost the competitiveness of Abu Dhabi businesses and pave the way for a more positive investment environment in the longer term.
In February, Zawya reported that Aldar’s fourth quarter 2018 earnings amounted to 318.8 million UAE dirhams ($86.8 million), a 125.5 percent year-on-year increase on the 141.4 million dirhams profit made in the fourth quarter of 2017.
(Writing by Anoop Menon; Editing by Michael Fahy)
© ZAWYA 2019
