Abu Dhabi ruler issues law to regulate property market
Sheikh Khalifa said Abu Dhabi would bring in rules governing property advertising and marketing
Abu Dhabi’s ruler has issued a decree to regulate and improve transparency in the emirate’s real estate sector, requiring brokers and developers to be licensed and introducing rules to protect buyers of projects that are not yet completed.
Sheikh Khalifa bin Zayed al-Nahyan, who is also president of the United Arab Emirates (UAE), said Abu Dhabi would bring in rules governing property advertising and marketing and a means for complaints to be submitted and resolved, according to a statement on official news agency WAM.
Residential prices across the UAE capital’s freehold markets rose about 24 percent in 2014 after an increase of 31 percent in 2013, consultants Cluttons estimated in April, predicting the oil price slump was likely to cool the property market this year.
According to the decree, all real estate developments must be registered with the government along with sales transactions listing the buyer, although it did not specify when the new rules would come into force.
Developments cannot be promoted or sold until they receive government approval, the decree said.
For unfinished projects, payments by buyers will be held in a separate, ring-fenced account, while brokers will not be allowed to represent more than one party in a single transaction.
Former UAE FM speaks on Iran-Iraq war, part 3Political Memoirs
UAE court orders shutdown of ‘illegal’ distributor of India’s Dish TVAbu Dhabi shop selling unauthorized subscriptions to Indian TV service is slapped with $55k fine Television & Radio
Saudis are second biggest foreign spenders in UAESaudis are the second biggest foreign spenders on cards in the UAE after the U.S. Economy
UAE may give central bank role in setting monetary policy - governorThe UAE is currently overhauling its banking law dating back to 1980 Banking & Finance