UAE formalises foreign ownership law

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Abu Dhabi property investment areas, such as Al Raha, will now be open to foreign ownership.

In his capacity as Ruler of Abu Dhabi emirate, President H.H. Sheikh Khalifa bin Zayed Al Nahyan has issued law No. 2 for 2007 that will give expatriates living in the UAE the right to buy property.

The law, which mirrors existing laws covering Dubai, Ajman and Ras Al Khaimah, will allow legal UAE residents the right to own property with 99 year leaseholds, provided the properties are located "within the precinct of investment areas."

Developments such as Al Raha Beach Resort in Abu Dhabi will fall under the new law.

Owners have the right to sell their property to other UAE residents, and to legally pass down the property to heirs.

The law is effective immediately, according to state news agency, WAM.

Details of the law can be found HERE.

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READERS' COMMENTS

UAE Formalise foreign ownership law
Posted by paul McNeill, Dubai on Wednesday 28 March 2007 at 09:01 UAE time


Thats all well and good but what happens after the 99 year lease, you just have to hand it back, you spend all that money on the place so you can one day pass it on to your family and they get it for a few years then lose it, just doesn't seem right to me some how, does it?

UAE Formalise foreign ownership law
Posted by MERAJ, Makkah, Saudi Arabia on Tuesday 13 February 2007 at 09:44 UAE time


In the above note it says this law applies only to foreign UAR residence. 
Does this mean those who are not UAE resident can not own a Free hold property?

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