Wednesday 20 October 2021

UAQ issues new resolution on freehold real estate ownership

UMM AL QUWAIN, 26 days ago

HH Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Quwain, issued Resolution No. 4 of 2021 on foreign freehold real estate ownership in the Emirate of Umm Al Quwain.
Under the resolution, foreigners, limited liability companies partially owned by foreigners, free zone companies and offshore companies have the right to freehold real estate ownership, and any other legislation that contradicts the provisions of this resolution shall be repealed, reported state news agency Wam.
The resolution also stipulates that specific freehold ownership zones will be determined taking into account real estate development, freehold real estate ownership for foreigners or any other relevant considerations.
He also issued a law on real estate registration under which the Department of Municipality in Umm Al Quwain will manage a real estate registry to keep records of all real estate transactions and any related amendments.
It will also issue ownership deeds and related documents that prove the rights related to real estate transactions, according to real estate registry controls, provided that ownership deeds and other relevant documents contain all rights.
The law further stipulates that all real estate transactions, which are conducted prior to the enforcement of this law and not registered with the department, must be registered within six months from the date of the law’s issuance.


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