Tuesday, August 23, 2005

Abu Dhabi gets new property law :: GN

From the August 13 issue of Gulf News, emphasis added:
The law also states that non-UAE nationals shall have the right to own surface property, but not the land itself, in investment areas. They shall have the right to arrange all their properties on it (surface) and to derive benefit from the real estate based on a long-term land title agreement which shall last for 99 years, or a long-term surface ownership agreement of 50 years renewable for the same period, subject to the agreement of both parties.

Anybody who has the right to benefit from the real estate both the land and its surface for a period exceeding 10 years shall have the right, even without due permission from the property owner, to act on it, including the right to mortgage it. However, the owner of the property shall not mortgage it unless he gets approval from the one who has the right of benefit of the property or the surface. In both cases, the law says, both parties have the right to agree on the contrary.
Note the law is applies only to the emirate of Abu Dhabi; it is not a national law governing land ownership in the UAE.

1 Comments:

Anonymous Auto Accident Attorney Houston, Texas said...

It should be enforced in whole UAE.

2:20 PM  

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