Friday , August 23 2019

President amends provisions in Abu Dhabi real estate law

ABU DHABI / WAM

In his capacity as Ruler of Abu Dhabi, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued a law amending provisions of Law No. 19 of 2005 concerning real estate sector in Abu Dhabi.
The new law stipulates amendments to Articles 3 and 4 of the ‘Real Property Law’.
Article 3 (i) stipulates the rights to own property are limited to three categories the first being Emirati citizens, natural or legal persons, the second includes public holding companies with ownership not exceeding 49% non-nationals, or the third as any person to whom a decision is issued by the Abu Dhabi Crown Prince or the President of the Executive Council.
Sheikh Khalid bin Mohamed said, “The amendments will have a positive effect on the real estate sector, and will encourage investors to acquire land in designated investment zones within the Emirate of Abu Dhabi, with ample room for development opportunities.
While Article 3 (ii) stipulates that non-UAE nationals, natural or legal persons, shall have the right to own and acquire all original and in-kind rights in real estate pr-operties located within investment areas.

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