# Big news for Abu Dhabi...... so much more to come!



## Krazy (Apr 27, 2004)

It was only a matter of time.... a bit late though I think


*Expats offered Abu Dhabi homes*









Expatriates will be allowed to obtain property in Abu Dhabi on lease early next year, the chief of Aldar Properties said yesterday. Villas and apartments will be offered on 99-year leases.

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.


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## damien89 (Jan 23, 2005)

cool- sounds very impressive. with all the resources and land that AD has, it could be the next big thing!


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## DUBAI (Aug 24, 2004)

yes, but the conservative land laws make it far less attractive than dubai. and with competiton just an hour down the road, whos gonna buy there?


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## Dubai_Boy (May 21, 2003)

DUBAI - you wont believe the amount of Egyptian/palastenian/lebanese ....etc teachers and proffessors who have been collecting money for 20+ years now and would love LOVE to settle down in AD with their children  so there you go . 100,000+ teachers

Not to mention the tens of thousands of multi millionares and billionares that will snatch preperties up before construction


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## DUBAI (Aug 24, 2004)

thats a nice idea, but they wont be able to give it to there children because the lease runs out.

its not a great investment either, because like, once a lease is half expired, half the value of the property is effectivly gone...

i know some people who had the same problem in london, which aslo uses the same silly system.


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## dubaiflo (Jan 3, 2005)

well good news indeed.

but i agree with dubai somehow.
though there are chances this might change soon.


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## Krazy (Apr 27, 2004)

DUBAI said:


> yes, but the conservative land laws make it far less attractive than dubai.


what makes it less attractive for you? conservative general laws or conservative LAND laws?


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## DUBAI (Aug 24, 2004)

conservative LAND laws. i wouldnt know about other laws, having never been to Abu Dhabi


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## dubaiflo (Jan 3, 2005)

is there much difference to dubai anyway?


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## Krazy (Apr 27, 2004)

not much of a difference as of right now, both offer LEASEHOLD apartments for 99 years and not FREEHOLD as falsely advertised in the papers. However, with the new law, Dubai will have freehold whereas Abu Dhabi will still be providing leasehold property. I dont see this as that big of a reason for Abu Dhabi not to be attractive for foreign investors and buyers.


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## dubaiflo (Jan 3, 2005)

nah i know this i was talking about the other laws?


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## DUBAI (Aug 24, 2004)

Krazy said:


> not much of a difference as of right now, both offer LEASEHOLD apartments for 99 years and not FREEHOLD as falsely advertised in the papers. However, with the new law, Dubai will have freehold whereas Abu Dhabi will still be providing leasehold property. I dont see this as that big of a reason for Abu Dhabi not to be attractive for foreign investors and buyers.



er, lease hold is a MASSIVE REASON not to buy.

you actualy lose money everyday, and in the end its gonna be repoed anyway.


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## farnush (Dec 12, 2004)

are u nuts ... do u really think an apartment will stay after 100 years.... i mean ......look at the building here which are 30 years old. .. the heat and humidity kills it in 30 ...think 99


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## Dubai-King (Apr 17, 2005)

Abu Dhabi > Dubai

This is great news.


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