Abubaker Seddiq Al Khoori
Aldar offers freehold property to investors
Abu Dhabi, January 14, 2014
Aldar Properties, the biggest property developer in the UAE capital, said it will start offering freehold title deeds to all the investors at Abu Dhabi Investment zones, a major step in the development of the emirate's real estate market.
In line with this, the Abu Dhabi City Municipality registered Musataha contracts (land development contracts) for residential units of Aldar Properties located within Investment Zones.
These units will be registered under the freehold law of Abu Dhabi, and accordingly property ownership deeds will be issued to investors owning these units, said a senior official on Tuesday.
"This law applies to all owners in Aldar Investment Zone properties and owners will be able to apply for freehold title deeds through Abu Dhabi City Municipality. This is an important step in the strategic plans aimed at enhancing the property market for investors in Abu Dhabi as well as supporting the economic vision of Abu Dhabi 2030," remarked Owaida Al Qubaisi, the acting executive director of municipal services sector, Abu Dhabi City Municipality.
“These services reflect the rising demand for owning high quality residential units in Abu Dhabi. Musataha contracts allow for the acceptance of applications from property developers within Abu Dhabi Investment Zones, besides issuing all documents necessary for obtaining free hold deeds,” he stated.
Al Qubaisi said the co-operation between Abu Dhabi municipality and Aldar was aimed at streamlining the registration, attestation and delivery of title deeds of residential units within the Investment Zones and step up joint co-operation in the interest of all residents, thus better organizing the real estate market in the emirate.
On the agreement, Aldar chairman Abubaker Seddiq Al Khoori, said, "This marks the launch of a very important phase in the development of the real estate market in Abu Dhabi, a phase which presents us with new opportunities for growth and development offered by Abu Dhabi’s economy."
"We believe that attracting long-term foreign investors will bring great benefits to Abu Dhabi in particular and to the UAE in general so that we can continue our path of construction and development," he stated.
Aldar deputy CEO Mohammed Khalifa Al Mubarak said 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 offered by Aldar Properties," he noted.
Hussain Al Junaibi, the director of real estate, Abu Dhabi City Municipality, said the municipality had previously co-operated with a host of property developers including Tamouh, the main developer of Al Reem Island, in registering title deeds of residential and commercial units of Marina Square Project at Al Reem Island, besides co-operating and supporting property developers generally.
"The Municipality is keen to maintain and boost cooperative relationships with leading national entities and firms operating in the property development sector, in line with its objectives of delivering quality and effective services," added Al Junaibi.
Aldar is one of the largest developers in Mena region with $12 billion of assets. The company has developed some of Abu Dhabi’s most iconic and complex projects, from the Formula 1 facilities on Yas Island to the thriving new Shams Abu Dhabi community on Al Reem Island. Its property portfolio is diversified and balanced with a total asset mix of 1.4 million sqm.-TradeArabia News Service