Abu Dhabi – Mubasher: Aldar Properties welcomed the Abu Dhabi government’s decision allowing all foreigners to own the freehold of land and properties they purchase in investment zones, which was previously limited to UAE and GCC citizens, the real estate developer said in a statement.

In addition, residential units in investment zones will be registered under Abu Dhabi's freehold law, along with issuing property ownership deeds to investors.

Previously, foreigners were only allowed 99-year leasehold arrangements in Abu Dhabi, the UAE’s capital and biggest sheikhdom.

On Wednesday, UAE President and ruler of Abu Dhabi Sheikh Khalifa bin Zayed Al Nahyan amended some provisions of the real estate law in Abu Dhabi, allowing foreigners to own all the rights of real estate properties within their investment zones.

“This [decision] will not only further drive the maturity of Abu Dhabi’s real estate market, but will also increase transparency and provide clarity of title for property owners, increasing long term investment, injecting more liquidity into the market, and encouraging longer term residency,” Aldar’s CEO, Talal Al Dhiyebi, said.

Earlier, Aldar Properties revealed that it sold out its latest development, Lea, on the northern shores of Yas Island during Cityscape Abu Dhabi, bringing in AED 400 million ($108.9 million) in sales.  

Moreover, Alreeman project in Alshamkha launched by Aldar Properties also generated AED 1.6 billion in sales as previously revealed.