Apr. EN 2019

Al Mazaya believes that Cityscape has proved that investor confidence remains resilient in the entire real estate landscape of the UAE during the current year. The event also proved that projects of affordable costs are more in demand than the costly ones. In addition, the event proved that the real estate market in the emirate and the UAE, in general, boasts a competitive edge attributed to the robust regulations and maturity of the real estate sector,whichaugurswell for futuregrowth. 14 The new law states that whoever has a usufruct or a "Musataha" right for a term of more than 10 years, without the owner's permission, can act on that right, including pawn it, which would ultimately boost investors’ confidence. These developments are part of plans to stimulate the investment landscape in Abu Dhabi and consolidate the status of the emirate as a key regional investment hub. The new law is expected to have a positive impact on the real estate sector as well as many other development sectors and will encourage investors to invest in the property sector, including buying and developing the land. The report noted that the growing momentum recorded in the Dubai real estate market is important for assessing the real estate market performance in Abu Dhabi, which experienced a marked improvement in investor sentiments, with the emirate attracting more than 8.8 thousand new investors and real estate transactions of about AED78 billion. The event coincided with the issuance of a law by the Emirate of Abu Dhabi amending the provisions of Law No. 19 of 2005 concerning real estate sector in Abu Dhabi, allowing foreigners to own freehold property in designated zones to increase foreign direct investment and boost the economy. Mazaya Monthly Real Estate Report - Week 4 - April 2019