Abu Dhabi Department of Municipal Affairs is preparing a new draft law to regulate the real estate market in the emirate, according to Dr Abdullah Ghareeb, Executive Director for Property Management at the department. The law will be referred later for revision to the Abu Dhabi Executive Council.
The new law will outline regulations and guidelines for developers, contractors and brokers, as well as for off-plan sales, licensing of high-rise residential buildings and property registration.
Provisions will be implemented in order to prevent harmful speculation in the real estate market and setting up of a central authority responsible for all registration, construction, licensing, sales and purchases.
The drafting process of already eight months in a process and includes consultations with representatives of bodies concerned with real estate development from government and private sectors.