Expats to be allowed 99-yr freehold at new Abu Dhabi residential development
Under a new program launched by Manazel property developers in Abu Dhabi, expatriates in the emirate will be allowed to purchase villas in one of the company’s newly launched residential developments on a 99-year renewable freehold basis for the first time.
Currently, expatriates are allowed to buy only apartments in some of the capital's projects, according to Khaleej Times.
"UAE nationals and foreigners will be allowed to buy villas and apartments at the Al Reef Villas project,” stated Mohammad M. Al Qubaisi, Chairman, Manazel Real Estate, referring to the new Dh3 billion residential Al Reef project. The project comprises 2,500 villas and 1,500 apartments, with prices starting from Dh500,000 and go up to Dh1.3 million.
“We have approval from the government for freehold sale of villas, renewable automatically after 99 years," he added.
Abu Dhabi-based Manazel and Dubai-based Hydra Properties will jointly develop the project at Shahama, close to the Abu Dhabi-Dubai highway as well as the capital's airport.
"This is the first time expatriates can buy villas in Abu Dhabi. There will be villas for all classes of investors," Al Qubaisi pointed out.
According to some industry sources, there are already many expatriates lining up to purchase homes in various parts of the UAE, where an international property market boom is taking place.