ADGM updates property-specific rules for Abu Dhabi's Al Reem Island
ADGM regulations for Abu Dhabi island extends to offplan launches, short-stay rentals
Dubai: The ADGM (Abu Dhabi Global Market) has updated its real estate specific rules, done against the backdrop of it acquiring Al reem island in April last.
The new rules extend to short-term rentals, as well as on new offplan development. ADGM has also introduced a unified digital platform – AccessRP – following the expansion of its operations to include Al Reem Island, which is an established location for residential and office options.
Recently, ADGM allowed entities that were operating on Al Reem Island to come onto its licensing framework.
“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:
- Regulatory legislation for short-term residential leases;
- Enhanced legislation for offplan development, offplan sales and escrow arrangements;
- A new registration framework for property and professionals such as brokers, valuers and property managers; and
- An Al Reem Island transitional provision.
"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 serves as the foundation for AccessRP, which provides a bouquet of real estate services including:
- Real estate transaction services: buy and sell, offplan sales, leasing, and mortgage services.
- New developer services: offplan development, project registration and project account management.
- Owner services: certificate issuance of certificates and power-of-attorney registrations.