ABU DHABI: The Abu Dhabi Global Market (ADGM) has unveiled significant enhancements to its Real Property Regulations, alongside the introduction of new off-plan development regulations and the launch of a unified digital platform known as AccessRP.
These initiatives coincide with ADGM’s strategic expansion to Al Reem Island and are designed to foster growth and innovation within the real estate sector, thereby reinforcing Abu Dhabi’s status as a business-friendly and appealing destination for both local and global investors.
The introduction of a new regulatory framework, which aligns with English Common Law and the best onshore practices in the region, aims to enhance transparency and flexibility.
Designed to ensure compliance and protect the interests of all stakeholders, the regulations encompass various critical areas, including legislation for short-term residential leases and enhanced provisions for off-plan development and escrow arrangements.
Additionally, the framework establishes a new registration process for real property professionals, such as brokers and property managers, and introduces a Transitional Provision for Al Reem Island.
Streamlining procedures
The AccessRP platform will be instrumental in driving the digital transformation of the real estate sector within ADGM.
By providing a comprehensive suite of services—including transaction management for buying, selling, leasing, and mortgage processing—the platform seeks to streamline real estate procedures, thereby significantly enhancing the customer experience for developers and property owners alike.
This unified service approach not only simplifies transactions but also integrates various stakeholders into ADGM’s operational ecosystem.
Hamad Sayah Al Mazrouei, CEO of the Registration Authority at ADGM, highlighted the potential of these regulatory enhancements and the digital platform to attract both local and foreign investments. He emphasized that these developments will position ADGM as the preferred location to live, work, and invest, initiating a new phase of growth and prosperity for the real estate sector.
