Foreigners’ favorite place is the city of Abu Dhabi itself. What happens, however, if you decide that you wish to start a family and live in Abu Dhabi full-time? A century of this vivacious emirate is that acquiring property is among the most effective techniques that foster stability and amass wealth.
This detailed volume enlightens the foreigners including you on the various aspects of investment in Abu Dhabi real estate.
Here, you will receive all the information and guarantees, that will help to make the right choices in each stage of real estate: from understanding the possibilities of ownership to obtaining financing and legal issues.
Purchasing Real Estate in Abu Dhabi
The Laws regulating the Abu Dhabi Real Estate Sector include Law No. 19 Of 2005 which grants foreigners the right to own real estate including floors and apartments but not the land.
This can be done by the use of the four primary systems listed below.
Ownership
Privatization deeds for houses are given to the expatriates, and the term is 99 years. This allows them to have full control over the flats and villas that they purchase excluding and including the land.
Musataha
Expatriates can buy residential apartments for a maximum of 50 years and the term can be renewed for another 50 years. The owners are allowed to use, construct, or even alter their land as much as they want, but as per the contract of Musataha made between them.
Usufruct
Foreigners are allowed to own condominiums jointly with Thai people for 99 years based on a usufruct right. Due to such structures, the owners remain physically present and can use the property and facilities singly without the power to alter the designs significantly.
Long-term Lease
There is a long-term leasing option available with an initial minimum term of 25 years.
Designated Areas for Property Ownership in Abu Dhabi
Abu Dhabi, the capital of the United Arab Emirates, has interesting opportunities for investing in real estate for foreigners who permanently reside in another country. To promote foreign investment in real estate, every state has preserved some areas where foreigners are free to acquire the properties.
Several choices are possible in these areas from luxury beach-front communities to uptown vibrant cities. Let’s examine the nine regions in Abu Dhabi that are allocated for real estate ownership: Let’s examine the nine regions in Abu Dhabi that are allocated for real estate ownership.
Yas Island
Investors found Yas Island attractive due mainly to the relaxed leisure and entertainment facilities that will be required here. It is the place that hosts Yas Marina Circuit which is used for the Formula 1 Abu Dhabi Grand Prix, Various Accommodations, Yas Mall and Yas Waterworld.
Saadiyat Island
Saadiyat Island, named as a residential and cultural city, reflects the artistic and historical background of Abu Dhabi as well. Besides luxurious hotel spas and villas, it also includes the Louvre Abu Dhabi project, Guggenheim Abu Dhabi, and the Zayed National Museum project.
Reem Island
Reem Island is one of the new residential business centers in Abu Dhabi located on the northeastern coastline of the city. These include the Place Boulevards which comprise many shopping malls, and recreational structures, the Seashore Parades which is a collection of sea frontage structures, and high-rise apartment complexes.
Maryah Island
Maryah Island commonly known as Al Maryah Island is among the bustling islands suitable for work and other recreational activities. The offices of the city’s international financial center – the Abu Dhabi Global Market (ADGM), luxurious hotels, premium shopping malls, and residential towers are found within this area.
Lulu Island
Lulu Island is a quiet and beautiful place that is situated near the Abu Dhabi Corniche; specifically near the Arabian Gulf. It provides colored and relaxed coastal living with commercial and residential villas for sales, hotels, and recreational facilities.
Al Raha Beach
Al Raha Beach is a mixture of resort, commercial, and residential facilities arranged near the sea coast. Aside from the stores, restaurants, and entertainment facilities, it offers many different housing options, starting with the luxurious villas near the coast and ending with modern apartments.
Al Sedairah Sayh
Sayh Al Sedairah is one of the newest planned communities that is intended for foreign occupants. It is located in proximity to the city center; however, it provides a calm atmosphere with beautiful landscaping, a modern approach to the planning of the districts, and the creation of green zones.