In his capability as Ruler of Abu Dhabi, the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a regulation amending provisions of Law No. 19 of 2005 concerning actual estate sector in Abu Dhabi.
The new regulation stipulates amendments to Articles 3 and 4 of the ‘Real Property Law’.
Article three (i) stipulates the rights to own property are limited to three classes the primary being Emirati citizens, natural or felony people, the second consists of public preserving corporations with possession no longer exceeding 49 in step with cent non-nationals, or the 0.33 as any man or woman to whom a decision is issued via the Abu Dhabi Crown Prince or the President of the Executive Council. While Article 3 (ii) stipulates that non-UAE nationals, natural or felony humans, shall have the proper to very own and gather all original and in-type rights in real property properties placed inside funding regions.
As for Article 4, the change stipulates that the holders of a ‘usufruct’ or ‘musataha’ for more than ten years shall have the proper, without the consent of the owner to get rid of the assets, consisting of the right of loan, however the landlord may not loan the belongings except with the consent of the usufruct or musataha holder. In both cases, the events may additionally agree otherwise.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, directed Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Chairman of the Executive Committee and Member of the Abu Dhabi Executive Council, to study the emirate’s actual property sector development in step with worldwide tendencies and requirements.
The Abu Dhabi Executive Committee raised a suggestion to replace the Real Property Law, following a take a look at at the emirate’s actual estate zone, and the protection of a sequence of conferences with stakeholders, buyers, and actual estate builders, to identify method to broaden the arena, and consolidate the reputation of Abu Dhabi as an investment vacation spot.
Sheikh Khalid bin Mohamed said: “Updating the Real Property Law reflects the leadership’s help and imaginative and prescient to broaden the emirate’s financial system, with the steerage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and monitoring of H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, who’ve each burdened the importance of updating law to accelerate financial increase and the improvement landscape of Abu Dhabi.”
His Highness cited that the amendments could have a positive impact on the real estate region, and could encourage investors to acquire land in specific funding zones inside the Emirate of Abu Dhabi, with ample room for improvement opportunities.