The Abu Dhabi Global Market, or ADGM, updated its regulations about real estate in April of last year, following its acquisition of Al Reem Island.
The new regulations cover both new off-plan developments and short-term rentals. After expanding its operations to include Al Reem Island, a well-known location for residential and office options, ADGM has also unveiled AccessRP, a unified digital platform.
ADGM recently made it possible for organizations operating on Al Reem Island to join its licensing program.
“This new framework is designed to ensure transparency and flexibility while strengthening compliance and safeguarding all stakeholder interests,” said an ADGM statement.
This will extend to:
statutes governing short-term residential leases;
strengthened laws pertaining to escrow agreements, off-plan sales, and off-plan development;
A fresh framework for property registration, as well as experts like brokers, appraisers, and property managers; and
A transitional clause regarding Al Reem Island.
“The new enhancements to the real estate regulatory legislation will help to attract local and foreign investments to ADGM as the preferred destination to live, work and invest,” said Hamad Sayah Al Mazrouei, CEO of Registration Authority at ADGM. “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.”
The’revamped’ regulatory framework also forms the basis for AccessRP, a real estate services provider that offers a variety of services such as:
Purchase and sale, off-plan sales, leasing, and mortgage services are examples of real estate transaction services.
Offplan development, project registration, and project account management are examples of new developer services.
Owner services include power-of-attorney registrations and certificate issuance.