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Abu Dhabi: The new property law introduced earlier this year in Abu Dhabi would give boost to property sector and gives more confidence for people to buy a villa or an apartment, an executive at Al Forsan Real Estate company told Gulf New at Abu Dhabi Cityscape.
“The new law gives consumer better confidence specially for the off plan projects. It guarantees that the developer would complete the project regardless of his financial condition,” said Rashid Al Qubaisi, General Manager of Al Forsan International Sports Resort, and spokesperson for Al Forsan Real Estate Management.
The new Real Estate Law came into effect at the beginning of this year. It states that a developer will now not be allowed to sell units off-plan unless it proves that it owns a real estate right over the project land and that it has opened an escrow account for the development.
“As a developer, we are always with the regulations and follow the rules,” Al Qubaisi said, adding that the company’s Al Forsan Village project near Khalifa City is being “well received by investors”.
“Our lease-to-own offer has been well received by the investors and they are looking at these villas for both personal use and investment purposes. A villa at the Al Forsan Village could be purchased and owned for as low as Dh300,000 per annum,” he said.
The project with 385 villas and 440 apartments was completed last year. A five-star hotel would be constructed in the fourth quarter of this year.
He said the company, an arm of Al Forsan Holding develops mixed-use communities that support active lifestyle through the integration of world class sporting facilities.