- Sheikh Khalifa has amended the laws regarding real estate sector and property ownership in Abu Dhabi.
- As per the new amendments, the foreigners will now be able to own businesses and properties wherever they invest.
We all have seen a lot of reforms happening in the UAE in recent years. Amendments and introduction of new laws have made the lives of people as well as foreigners a lot easier. Shaikh Khalifa has now introduced an amendment regarding the regulations of real estate and property. Under the new amendment, now the non-UAE nationals will also be able to own their properties and have full rights over them. They will now be able to get ownership of the property based in the emirate. This indeed is a piece of great news for the non-Emirati nationals because now they would be able to use their own property for conducting business activities and provide their services.
Amendment in the laws
Amendments in the laws always come with better decisions because the decisions are taken for the betterment of the country and people living in it. This particular amendment regarding the real estate and property ownership is carried out in the provision of Law No.19 of 2005. With this law, a lot of changes will occur on the land of UAE which will surely bring more betterment and more success to the country.
Acquiring rights over the property
In the past, owning property in the emirates must have been a dream to a lot of people but now the time has changed. Due to the new amendment in the laws, companies owned by the non-UAE nationals will get all the rights of ownership wherever they invest. This will help the foreigners in owning property and all rights over them. In this way, they would be able to mold the property as per their needs and desires.
Taking actions on the properties
The companies and the properties will now be allowed to be owned by the foreigners or non-UAE nationals having companies in UAE. Due to the amendment in the laws, there wouldn’t be any more restriction for the foreigners. They would now be allowed to take certain decisions for their property. Also, they would be able to take or make any action as per their needs on such properties.
49% ownership? Do not worry!
Companies whose owners are not the citizens of Emirates or are the owners of only 49% of their companies will also get the right to own their properties.
Article 4 states;
Anyone having the usufruct or a "Musataha" rights over the properties of more than ten years will now be able to act on their right. Pawning is also allowed under this article.
The landlord is also allowed to pawn the property but they can do so only after obtaining the holder’s consent or Musataha.
For developing the real estate sector, Shaikh Khalifa has instructed the authorities in order to help the real estate sector work as per the international standards and trends.
The authoritative committee has proposed updates in the real estate ownership which will now let the investors own properties and identifying more ways to develop the real estate sector.
Amending laws and proposing new ways to develop the economic sector is no doubt a great step towards prosperity. This will enhance the investment in UAE which in itself is a huge success. This supports development which facilitates investment and triumph.
The new laws will surely have positive impacts on the sector of real estate. This law will attract a number of international investments which will make their business set up in UAE a lot easier.
People looking for company formation in UAE would be more than happy now because now they would be able to own properties and own all the rights over them as well. This will drive a huge economic growth and bring more joy to the economy of the UAE.
For the perfect business formation solutions, your one-stop solution should be HHS lawyers. They have the perfect ways to help you understand all your rights over the real estate property. They have a better understanding of all the updates in the UAE laws. They will thus not only help you understand all the procedures effectively but also assist you with filing the registration procedures.
Law is no doubt a broad term and it, therefore, has a lot of meanings of simple terms. The set of rules and regulations might appear to be complicated for the news. To follow such laws effectively, people need the help of professionals in order to stay in the legal boundaries while forming a company. So, stay away from the stress of company registration, consult HHS lawyers.