Today's Edition
ABU DHABI (WAM)
The Abu Dhabi Real Estate Centre (ADREC), the custodian and regulator of Abu Dhabi's real estate sector, has announced significant progress at the Real Estate Dispute Settlement Centre in the third quarter of 2024. The Centre achieved an 83% success rate in resolving disputes.
Of the 969 cases filed, 808 were successfully completed, with 26% of these disputes concluding in reconciliation. The latest report for the third quarter demonstrated the Centre's commitment to swift resolutions and fostering collaboration and trust within the real estate sector.
A key achievement this quarter was the reconciliation of 210 disputes, with the total reconciled value surpassing Dh526 million. By promoting amicable settlements, the Centre is ensuring the financial stability of Abu Dhabi's real estate market, preventing prolonged unresolved disputes from impacting confidence in the sector.
"The continued success of the dispute resolution process shows how we are simplifying the journey for all parties, making the market more transparent and welcoming for investors. We are proud to see more cases ending in reconciliation, which is a cornerstone of our long-term strategy to strengthen collaboration and build trust," said Rashed Al Omaira, Acting Director-General at ADREC.
The Centre's proactive stance was further demonstrated by conducting 1,934 dispute resolution sessions in Q3, underscoring its hands-on approach to resolving conflicts. For cases requiring legal intervention, 598 disputes were referred to the Abu Dhabi Judicial Department for suitable oversight, ensuring all parties involved receive the proper legal support.
