Abu Dhabi Municipality has started to issue title deeds to property owners in the capital.
The municipality said it was now possible for investors to receive title deeds for flats they had bought in Aldar Properties projects.
Aldar property owners are the latest group in the capital who have been able to receive title deeds for the homes they bought in investment areas in Abu Dhabi after other owners, including those at Tamouh’s Marina Square, received similar rights last year.
Under Abu Dhabi law, foreigners have been able to buy property since 2005 in freehold areas on what is effectively a renewable 99-year lease. However, until recently the municipality had not issued title deeds to buyers.
The move means that in the eyes of the law, buyers are now able to legally own their properties – something that lawyers say is likely to encourage more investors to put their cash into the capital.
“The municipality stands ready to lend support and assistance to Aldar Properties, as well as other property developers, towards facilitating the processing of title deeds of residential units in a civilised manner that fulfils the objectives of the comprehensive urbanisation drive in Abu Dhabi and the applicable governing rules,” said Owaida Al Qubaisi, the acting executive director of Municipal Services Sector, Abu Dhabi City Municipality.
“This step will carry a direct and positive impact on all investors and stakeholders within the real-estate sector. It is an important move to further develop the real-estate market in Abu Dhabi, and comes in response to the growing demand we are witnessing today for high-quality residential units,” added Aldar’s deputy chief executive Mohammed Khalifa Al Mubarak.
Lawyers in the capital welcomed the long-awaited move.
“This move by Abu Dhabi Municipality confers real property rights on owners in the capital,” said Walter Robinson, senior legal consultant at Hadef & Partners.
“Owners who have a title deed have the comfort of being the legally recognised owner of a property, which is likely to make it much easier for them to do things like get a mortgage in future as well as insure against any legal difficulties they may fall into.”