The Abu Dhabi City Municipality has announced that it has 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 the emirate of Abu Dhabi, and accordingly property ownership deeds will be issued to investors owning these units.
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.
Owaida Al Qubaisi, Acting Executive Director of Municipal Services Sector, Abu Dhabi City Municipality, said: “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.”
Al Qubaisi added, “The cooperation between Abu Dhabi City Municipality and Aldar Properties aims to streamline the registration, attestation and delivery of title deeds of residential units within the Investment Zones of Aldar Properties, and step up joint cooperation in the interest of all residents, thus better organizing the real estate market in Abu Dhabi emirate.
“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 civilized manner that fulfills the objectives of the comprehensive urbanisation drive in Abu Dhabi and the applicable governing rules.”
Commenting on the agreement Abubaker Seddiq Al Khoori, Chairman of Aldar Properties PJSC, 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 in Aldar Properties 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 added, " On behalf of Aldar, I would like to extend our sincere gratitude to Abu Dhabi City Municipality and to all the parties concerned who contributed to this great achievement which serves to enhance the sustainable growth we are currently witnessing in the real estate sector in the country."
Meanwhile, Aldar Properties’ Deputy CEO, Mohammed Khalifa Al Mubarak commented, "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."
In the same context, Hussain Al Junaibi, Director of Real Estate, Abu Dhabi City Municipality, said that the Municipality had previously cooperated 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 cooperating 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," said Al Junaibi in a final remark.