Expats in UAE granted rights to buy freehold homes
For the first time ever expats living and working legally in the United Arab Emirates city of Abu Dhabi can now buy freehold houses and property in specially designated investment zones.
The move will make Abu Dhabi the second UAE city after neighbouring Dubai to grant expats the ability to purchase freehold property. The move comes in response to the city trying to shake off the impacts of the 2008 financial crisis which had a negative effect on the city’s housing sector. The move is expected to reinvigorate the market which has been struggling to gain momentum.
Aldar Properties controls some of the investment zones being developed in the emirate of Abu Dhabi. “Attracting long-term foreign investors is likely to provide huge benefits to Abu Dhabi. It will assist us in continuing our path of development and construction.” said, Abubaker Siddique, Chairman – Aldar Properties.
Abu Dhabi will hope to repeat the success of Dubai whose housing market is regarded as one of the world’s most vibrant after it granted foreigners to purchase property. The Abu Dhabi market is expected to follow suit with many expat professionals hailing the changes as positive. Reservations remain however over the complicated and strict requirements needed to obtain freehold property rights.
The UAE has seen the number of expats in the country rise over the past few years and the new proposals by Abu Dhabi could see it continue to attract new expats and perhaps become just as popular as Dubai.
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