Thursday, Dec 08, 2005
Abu Dhabi: Expatriates will be able to buy leasehold property for the first time in Abu Dhabi early next year, the chief of Aldar Properties said.
"Expats can buy villas and apartments when we announce our project at Al Raha Beach before the end of first quarter 2006," said Ahmad Ali Al Sayegh.
"This is the first time expats can invest in real estate in Abu Dhabi and we hope it will fulfil their dream of living here," he told the annual forum of Abu Dhabi Business Councils on Tuesday night.
Villas and apartments will be offered to expats on a 99-year lease and in accordance with the law, said Chris Simms, chief executive of Aldar Properties, the real estate company backed by the government of Abu Dhabi.
Only UAE nationals were allowed to buy property in the projects announced by Aldar so far.
He said the reclamation work at Al Raha has begun and shortly a contract will be signed with an operator.
"Two more similar projects like the recently announced Al Gurm waterfront resort will be announced in the next six months. We will also announce 20 more new projects soon."
The new by-laws detailing the property laws issued earlier this year will be issued by the Abu Dhabi Executive Council shortly.
The by-laws will clarify a number of issues relating to property in Abu Dhabi and will define the legislation further.
Aldar Properties is one of the two developers in the capital that have secured land from the government to undertake real estate development.
Gulf News 2005. All rights reserved.
