Saturday, August 13, 2005

President issues Real Estate Ownership Act

WAM: "Aug 12, 2005 - 12:50 -

President issues Real Estate Ownership Act Abu Dhabi, Aug. 12, 2005 (WAM) -- President H.H. Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued Law no. 19 of 2005 dealing with real estate ownership.

The law states that every property granted by the government to a UAE citizen, before or after the issuance of this law, shall be his/her (the beneficiary's) property and would therefore be obligatory on him/her to register for property title. He/she shall also, within the boundaries of the law, have the right to use, invest and take advantage of it. The law also said the Abu Dhabi Executive Council shall come out with the laid down rules on the transfer of ownership of the properties given out before the issuance of this law.

The right to own properties, according to the law, shall be limited to UAE nationals and other corporate bodies fully owned by them. Citizens of member states of Gulf Cooperation Council, GCC, shall also own properties which shall be within the area designed for investment, but they shall have the right to act on any real or liability of the properties. The bye-laws shall decide the rules, regulations and period of contract on the properties that fall outside the investmen"

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