Abu Dhabi Global Market published a consultation paper requesting opinions on the comprehensive modernization of real estate regulation legislation. This modernization aims to meet and ensure the needs of the real estate market and keep pace with market developments, which strengthens the position of the Abu Dhabi Global Market as a major supporter of the growth of the real estate sector in the region.
The Abu Dhabi Global Market invites opinions and comments on the following proposed amendments: amendments to real estate ownership legislation for the year 2015, the launch of new legislation related to the registration of development projects, off-plan sales and escrow accounts, and the launch of new legislation to regulate owners of real estate professions and development projects, such as brokers, real estate valuers and managers. Real estate agents who provide their services within the geographical scope of the Abu Dhabi Global Market.
This consultation paper is part of ADGM’s strategy to engage with stakeholders at all stages of our journey. It is expected that this paper will be of interest to interested parties in the real estate sector. The possibility of adding opinions and comments to the consultation paper is available until June 19, 2024.