Abu Dhabi: GCC nationals and foreigners have been granted new property rights in Abu Dhabi, as per amendments to the existing laws issued by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan in his capacity as Ruler of Abu Dhabi emirate.
According to article 3 in the new law, GCC citizens and legal personalities wholly owned by them may own properties, provided that the property should be located within the precinct of investment areas. However, they shall have the right to dispose and arrange any original or collateral right over any of those properties.
The regulations shall define terms and conditions as well as tenures of surface contracts for properties lying outside investment areas.
According to Article (4)-Non-UAE nationals, natural or legal persons, shall have the right to own surface property in investment areas. Surface property refers to that property built on land. Thus, the non-nationals can own the property, but not the land on which it is built.
Executive regulations or decisions by the Executive Council shall determine the purview, terms and conditions of ownership. They shall also have the right to benefit from the use of the surface through a property located in investment areas.
This shall be done through a long-term contract of 99 years or by virtue of long-term surface leasing contract of 50 years renewable by mutual consent.
The Executive Council shall issue a decree on the by-laws regarding investment areas and means of providing services in a way that would not contravene this new law.
Those with the right to benefit from the property or the surface for a period of over 10 years, without the permission of the landlord, may do as they wish with it, including to mortgage it, but the owner cannot mortgage it without the permission of the lessee or the surface.
The by-laws shall stipulate the conditions, rules and period of the contract agreements for the use of the property or surface located inside and outside the investment areas.
Article 3 of the new law abrogates all other laws that contravene it. The new law takes effect from the date of its issuance.
