Answer ... There are two types of ownership rights in real estate under the Civil Law:
- bare ownership (in-kind right); and
- usufructuary ownership (in-kind right subdivided from bare ownership).
Answer ... Local partnerships and corporations frequently prefer to buy real estate for their businesses. However, foreign corporations and their branches prefer long-term tenancies.
Answer ... Restrictions on real estate ownership apply to foreigners. Under the Law on Non-Yemenis’ Ownership of Real Estate, foreigners can own real estate by means of bare ownership, provided that the following requirements are met:
- The real estate to be owned is located within a city or is covered by an investment licensed project, and the construction plans have been approved;
- The requisite licence to carry out the relevant activity has been obtained; and
- The real estate conforms (in size and number) with the activity to be carried out.
Answer ... Pursuant to the Real Estate Registry Law, for the purposes of registration, the land together with the buildings constructed thereon are legally deemed to be one real estate unit. However, it is legally possible for the building on the land to be owned by a different owner from the land owner.
Answer ... Based on the rules regulating security on real estate, as stated in the Civil Law, a security interest is attached on the basis of an agreement of real estate security, which must be registered with the Real Estate Registry Authority. Once the registration has been duly effected, the security interest will have priority over other security interests.