Aldar Properties PJSC has welcomed last month's announcement by the Government of Abu Dhabi that all foreigners will now be entitled to own the freehold of land and properties which they purchase in investment zones.

Previously, this was only permitted for UAE and GCC nationals.

As part of the changes, residential units in the zones will be registered under Abu Dhabi's freehold law, with property ownership deeds issued to investors, according to a statement issued by the Government of Abu Dhabi.

Foreign investors in Abu Dhabi property had previously been limited to leasehold arrangements with 99-year leases.

Aldar CEO Talal Al Dhiyebi described the announcement as "game changing".

"We applaud yet another insightful policy decision by the government that allows expatriates to be able to buy freehold properties in investment zones," he said.

“This 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.”

Earlier this year, Aldar launched its Alreeman project in Al Shamka, an investment zone located adjacent to Abu Dhabi Airport. 

The project was fully sold in a matter of days, generating AED 1.6 billion of sales. Last week, Aldar launched Lea on Yas Island, which generated AED 400 million in sales to date.

Mr Al Dhiyebi added that the latest changes would have far-impacts on the broader economy.

“This further increases Abu Dhabi’s diversification to non-hydrocarbon industries," he said.

"We are already reaping the rewards of the recent initiatives and seeing a positive shift in sentiment, evident by strong sales of over AED 2 billion achieved for our two latest plot developments, Alreeman and Lea, which demonstrates strength and resilience in the market.”

Similar to this: 

MENA region's largest diversified real estate investment company

Abu Dhabi’s Aldar reveals AED 3 billion revenue for H1 2018

Palatial villa with a private beach for sale, just minutes from Abu Dhabi