(MENAFN- Khaleej Times)
Are you looking to rent property for over a couple of decades? Or do you want to buy a house to settle in for the rest of your life in the UAE? According to Law No. 19 of 2005, expatriates can own property in the form of floors and apartments; however, they cannot own land.
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Foreign residents can both own and trade property, through four main systems, which are:
1. Ownership
Expats can fully use and dispose of the apartments and villas they buy (excluding land) for a period of 99 years
2. Musataha
Expats can own residential units for a period of 50 years. This period is renewable by the agreement of the parties. Under these contracts, for the specified period, the owner can use, construct on or alter the property
3. Usufruct
Expats can own and use residential units for 99 years. However, under this contract, the owner can not change the property.
4. Long-term lease
Expats can lease units for a long duration of 25 years or more.
Where can expats own property?
According to the TAMM portal, expats can own properties in these nine areas in the emirate:
Yas Island
Saadiyat
Reem
Mariya
Lulu Island
Al Raha Beach
Sayh Al Sedairah
Al Reef
Masdar City
To purchase a property in either of these places, you must register its sale on TAMM. To do so, you can go to services, and click on 'units' under housing and properties. The owner can then choose 'register for first sale' if the property is being sold for the first time.
If the property is being bought not directly from the developer, you can apply through the 'Register sale and purchase of plots or real estate units outside development areas.'
When purchasing a residential unit that has not yet been completed, customers can navigate to TAMM, and apply through the 'register the sale of an off-plan plot or unit.'
Points to note
Before creating a purchase agreement, ensure that the project developer is registered with the Department of Economic Development in Abu Dhabi. The purchase agreement must include a date of delivery, and compensation if the project is not completed by the specified date. If buying a property for resale, do not pay without a sale agreement or any other form of contract.
What to do in case of a dispute?
According to the TAMM portal, in case of a dispute, purchasers must:
Enquire about the status of the project at the Abu Dhabi City Municipality. Contact the project developer to obtain a statement of the project status, which specifies the estimated time to complete. Ensure payment of all amounts owed to the developer until the date of filing lawsuit with the Abu Dhabi Courts.
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