Tuesday 25 June 2024 Abu Dhabi UAE
Prayer Timing
Today's Edition
Today's Edition
UAE

Abu Dhabi Real Estate Centre cracks down on unlawful practices

Abu Dhabi Real Estate Centre cracks down on unlawful practices
6 June 2024 08:44

HALA KHAYYAT (ABU DHABI)

The Department of Municipalities and Transport’s (DMT) Abu Dhabi Real Estate Centre (ADREC) has cracked down on violations, issuing a series of citations against unlawful practices in the sector.

Seventeen real estate brokers have been cited for their involvement in marketing non-existent real estate projects, fully aware of the projects’ fraudulent nature. Furthermore, 13 violations were handed out for unauthorised communications.

Additionally, 12 brokers and eight companies operating without licenses were also cited.

ADREC suspended seven brokers from practicing, and fines ranging from Dh30,000 to Dh100,000 have been levied on brokerage offices that failed to adhere to professional standards and conduct.

The Centre reaffirmed its commitment to upholding Abu Dhabi’s real estate sector’s reputation by adhering to the highest standards. ADREC aims to elevate the emirate’s real estate sector to become one of the most flexible, commercially viable, and sustainably developed sectors globally.

ADREC provides a wide range of services to cater to diverse client needs concerning real estate transactions within the emirate. These services encompass supervising operations related to construction and land management to streamlining professional licensing processes, managing contracts, issuing certificates, consultations, loans, and workspace solutions.

The Centre’s services are accessible both in-person and online via the TAMM platform – a collaborative effort with the Abu Dhabi Digital Authority.

The ADREC, inaugurated in November 2023 by the DMT, works to unify and enhance the real estate sector in the Emirate, guided by a regulatory framework that promotes efficiency, transparency, oversight and support for all stakeholders involved. Its strategy revolves around four main pillars: real estate strategy, real estate promotion, real estate regulation, and real estate transaction management.

Copyrights reserved to Aletihad News Center © 2024