Are you thinking about moving to the UAE for work or retirement?
Expats legally living and working in the United Arab Emirates city of Abu Dhabi can buy freehold houses and property in specially designated investment zones.
This move introduced in 2019 made Abu Dhabi the second UAE city after neighbouring Dubai to grant expats the ability to purchase freehold property.
The move came in response to the city trying to shake off the impacts of the 2008 financial crisis which had a negative effect on the city’s housing sector. The move has reinvigorate the housing market which had been struggling to gain momentum.
Aldar Properties controls some of the investment zones being developed in the emirate of Abu Dhabi.
“Attracting long-term foreign investors is likely to provide huge benefits to Abu Dhabi. It will assist us in continuing our path of development and construction.” said, Abubaker Siddique, Chairman – Aldar Properties.
Abu Dhabi hoped to repeat the success of Dubai whose housing market is regarded as one of the world’s most vibrant after it granted foreigners to purchase property.
The Abu Dhabi market has follow suit with many expat professionals hailing the changes as positive. There were some reservations at the time however over the complicated and strict requirements needed to obtain freehold property rights.
The UAE has seen the number of expats in the country rise over the past few years and the new proposals by Abu Dhabi could see it continue to attract new expats and perhaps become just as popular as Dubai.
What do you think? Do you live or work in Abu Dhabi? Will you take advantage of the new rules? Let us know!
If you are keen on a move overseas view our guide to working in the Middle East.