UAE formalises foreign ownership law

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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