Abu Dhabi Global Market (ADGM) has announced significant updates to its Real Property Regulations and introduced new regulations for off-plan developments. with the goal of promoting growth and innovation in the real estate sector.
The new regulatory framework aligns with English Common Law and best practices in the region, ensuring transparency, flexibility, and compliance for all stakeholders. Key elements include:
- Regulations for short-term residential leases
- Enhanced off-plan development, sales, and escrow arrangements legislation
- A registration framework for real property professionals, such as brokers and valuers
- Al Reem Island Transitional Provision
Alongside these regulatory enhancements, ADGM has launched AccessRP, a unified digital platform, as part of its strategic expansion to Al Reem Island.
The digital platform is set to drive transformation, offering comprehensive real estate services, including transaction and integrated services for developers and property owners. The platform is set to provide a host of real estate services, including:
- Real estate transactions: buying, selling, leasing, and mortgage services
- Developer services: off-plan development, project registration and account management
- Owner services: certificate issuance and Power of Attorney registration
Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM, commented: “The new enhancements to the real estate regulatory legislation and the digital platform will help to attract local and foreign investments to ADGM as the preferred destination to live, work and invest, and will pave the way for a new phase of growth, prosperity and development in the real estate sector.
“In addition, the unified digital real estate platform will enhance the customer journey and facilitate a smooth transition for companies and beneficiaries of real estate services and integrate them into ADGM’s ecosystem.”
ADGM remains committed to ensuring a smooth transition for businesses on Al Reem Island, elevating real estate regulation standards, and strengthening its position as a leading international financial center.
