Abu Dhabi allows foreigners to own land for first time

The UAE capital hopes the move will attract more buyers, boost slow market

TRD NATIONAL /
Apr.April 27, 2019 03:00 PM

Abu Dhabi villas and foreign travelers (Credit: Francisco Anzola, iStock)

Abu Dhabi is allowing all foreigners to own land for the first time in its history.

The move is meant to boost the slumping property market in the United Arab Emirates capital amid low oil prices and a strong dollar, according to Bloomberg. Abu Dhabi is the country’s second largest city. Its largest city, Dubai, has been in a slump too — home prices there have dropped 25 percent since their peak in 2015.

Foreigners have been able to buy land in Dubai since 2002, but Abu Dhabi restricted non-citizens to 99-year leases on land. Citizens of neighboring countries in the Gulf Cooperation Council — Saudi Arabia, Oman, Bahrain, Qatar, and Kuwait — were also allowed to buy land, but the UAE’s traditional pool of buyers from India and the United Kingdom could not.

The new rules are still somewhat restrictive with foreign buyers limited to purchasing land in only 30 designated areas.

Views on the impact of the measure are mixed. The CEO of Abu Dhabi’s biggest developer Aldar Properties, Talal Al Dhiyebi, predicts sales will increase by at least 40% this year over last year. JLL’s Craig Plumb, on the other hand, believes it will not have a significant, or immediate, impact on demand. [Bloomberg] – Dennis Lynch


Related Articles

arrow_forward_ios
220 Central Park South with Louise Sunshine and Steve Roth (Google Maps, Getty)

Another 220 Central Park South condo trades for over $10K psf

Another 220 Central Park South condo trades for over $10K psf
The Real Deal's Amir Korangy, Fredrik Eklund and Louise Sunshine

Louise Sunshine and Fredrik Eklund hold court on selling luxury

Louise Sunshine and Fredrik Eklund hold court on selling luxury
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)

Here’s how Industry City’s controversial rezoning unraveled

Here’s how Industry City’s controversial rezoning unraveled
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...