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New property sales law in Abd Dhabi

- August 31, 2005, 5:34 am

The eagerly awaited decision specifying property investment areas for foreigners in Abu Dhabi has received a warm welcome from developers.

They said Abu Dhabi is fast moving towards opening up its property sector by spelling out key issues, although additional clarifications are still needed.

On Monday, General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, issued Decision 22 for 2005 specifying areas for investment in Abu Dhabi.

“Decision No 23 issued by the Crown Prince of Abu Dhabi and Chairman of the Executive Council will enable us to sell select local real estate to international as well as national investors,” said Ahmad Ali Al Sayegh, chairman of Aldar Properties.

“The decision in favour of our Al Raha Beach Development enables us to swiftly gear up for international sales interest. I believe that it is only the first of many real estate ownership opportunities that Aldar will offer to worldwide property buyers in the future.”

Aldar, which is developing the Dh54 billion Al Raha Beach Development project, earlier announced it is coming out with a product aimed at foreigners.

Reem Investments, the company that will develop a fourth of the Reem Island, also said it would offer property on rent, lease and sale to nationals and foreigners. “This is a positive development and we can now go ahead with our plans,” a company official said.

“This is excellent news as it allows the developers of the first two investment areas to move forward with their plans. In addition to UAE citizens, GCC nationals can now own land within the investment area, while other expatriates can own significant interests in property within those areas,” said Niall O’Toole, a Partner with Clyde & Co’s Abu Dhabi office, the largest international law firm in the UAE.

“We now look forward to other details such as transfer of ownership of properties allocated to UAE nationals prior to the date of the property law, the by-laws for investment areas and regulations regarding establishment and management of ownership associations.”

O’Toole said the new property law represents a considerable development for Abu Dhabi, which now has a firm legal basis for property development consistent with existing federal laws.

“It will be exciting to see how Abu Dhabi’s vision for the future will be implemented,” said O’Toole.

If the response of local investors to the release of the Al Raha Gardens project some weeks ago is an indication of the pent up demand for investment properties in Abu Dhabi, the announcement that the Reem Island and Al Raha Beach developments are open to foreign investment should be very well received, said Stuart J. Gissing, director, Colliers International Middle East, a property consultancy.

“The speed with which the Al Raha Gardens development sold out, and the reports of the many investors who were unsuccessful in their attempts to acquire property in this development, points to significant demand for investment property amongst UAE citizens as well as expatriates.”

Moreover, the spiralling rental trends over the recent years in both the residential and commercial sectors will act as strong inducement to investors to limit their exposure to this cost area by investing in properties of their own.

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