Abu Dhabi: Expatriates can buy villas in Abu Dhabi on a 99-year renewable freehold basis, for the first time, the promoters of a Dh3 billion residential project announced yesterday.
Currently, expatriates are allowed to buy only apartments in some of the capital's projects.
"UAE nationals and foreigners will be allowed to buy villas and apartments at the Al Reef Villas project. We have approval from the government for freehold sale of villas, renewable automatically after 99 years," said Mohammad M. Al Qubaisi, Chairman, Manazel Real Estate.
Abu Dhabi-based Manazel and Dubai-based Hydra Properties will jointly develop the project at Shahama, close to the Abu Dhabi-Dubai highway as well as the capital's airport.
"This is the first time expatriates can buy villas in Abu Dhabi. There will be villas for all classes of investors," Al Qubaisi told a news conference.
The Al Reef project comprises 2,500 villas and 1,500 apartments. Prices start from Dh500,000 and go up to Dh1.3 million. The project will offer two-to-five-bedroom villas and two-to-three-bedroom apartments.
Construction will begin in early 2007 and completion is slated for late 2009 in three phases.
"The project will be developed over 10 million square feet of land and will include all facilities such as schools, play areas, malls, gardens and related facilities," said Al Qubaisi.
The land is owned by Hydra Properties but has been sold to Manazel for development.
