Daijiworld Media Network – Abu Dhabi
Abu Dhabi, Apr 18: President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a law amending provisions of Law No. 19 of 2005 in Abu Dhabi real estate sector.
The new law demand alteration to Articles 3 and 4 of the 'Real Property Law', according to a report in Emirates247.
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. 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 properties located within investment areas.
President Sheikh Khalifa bin Zayed Al Nahyan
In Article 4, the amendment stipulates that the holders of a 'usufruct' or 'musataha' for more than ten years shall have the right, without the consent of the landlord to dispose of the property, including the right of mortgage, however the landlord may not mortgage the property except with the consent of the usufruct or musataha holder. In both cases, the parties may agree otherwise.
“Updating the Real Property Law reflects the leadership's support and vision to develop the emirate's economy, with the guidance 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 have both stressed the importance of updating legislation to accelerate economic growth and the development landscape of Abu Dhabi,” Emirates247 quoted President Sheikh Khalid bin Mohamed saying.
The President also noted that with the revival, the real estate sector will encourage investors to acquire land in chosen investment zones within the Emirate of Abu Dhabi, with sufficient room for expansion opportunities.