As Dubai Real Estate Regulator Authority (RERA) continues introducing new laws and regulations aiming to streamline the emirate’s real estate sector and protect all parties involved in property transactions, other emirates where the property market also registered significant growth during the last few years, are following in it’s footprints.
A real estate regulatory authority will be established in Abu Dhabi within the next few months, Dr Jawaan bin Salem Al Dhahiri, Chairman of the Municipal Affairs Department in Abu Dhabi told Khaleej Times.
Ajman Government also plans to establish an agency similar to Dubaiâ€™s Real Estate Regulatory Authority, said The National in December 2008.
The Federal National Council (FNC) is preparing a draft legislation that aims to regulate the country’s real estate sector and protect the UAE by restricting expatriates from automatically acquiring residency visas through freehold property ownership. The move is a part of the proposed strategy to reduce dependence the foreign labour.