Today's Edition
ABU DHABI (WAM)
Abu Dhabi Global Market (ADGM) has announced enhancements to its Real Property Regulations, introduced new off-plan development regulations and launched a unified digital platform, AccessRP, following its strategic expansions to Al Reem Island.
The new regulatory framework and the digital platform aim to support the growth and innovation in the real estate sector and reinforce ADGM's global position as a business-friendly real estate environment and a reliable and attractive destination for global and local investors.
Both will drive digital transformation, and the platform will provide a full range of unified real estate services, including transaction services and other integrated services for developers and property owners, to enhance the customer experience and ease real estate procedures within ADGM's jurisdiction.
ADGM has introduced enhancements to the regulatory framework in alignment with English Common Law and best onshore practices in the region.
This new framework is designed to ensure transparency and flexibility while strengthening compliance and safeguarding all stakeholder interests, including regulatory legislation for short-term residential leases; enhanced legislation for off-plan development, off-plan sales and escrow arrangements; a new registration framework for real property and professionals such as brokers, valuers and property managers; and Al Reem Island Transitional Provision.
The revamped regulatory framework serves as the foundation for AccessRP, which provides a comprehensive range of real estate services including real estate transaction services: buy and sell, off-plan sales, leasing, and mortgage services; new developer services: off-plan development, project registration and project account management; and owner services: certificate issuance of certificates and Power of Attorney registrations.
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, facilitate a smooth transition for companies and beneficiaries of real estate services, and integrate them into ADGM's ecosystem."
