Investors need a clear legal framework and confidence in their property rights before they are willing to put their money into the real estate market. The new resolution by General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, will provide them with that certainty.
The resolution requires that all transactions involving property in the emirate be registered with the relevant department, including long-term leases and financing contracts with banks and other institutions. The property registration department will also issue title deeds and those documents essential to establishing ownership or the right to use properties.
By providing a clear legal framework for transactions and making the transfer of ownership faster and easier, the resolution will provide a significant boost to real estate in Abu Dhabi at a time when a number of new developments are expected to reach the market. Investors will find it easier to raise funds for the real estate market and have clear recourse to enforce their property rights.
By giving investors and residents a means to secure a home and property in the emirate, Abu Dhabi is making itself more attractive to foreign direct investment and the expatriates who have skills that can be used to grow its economy.
