Tuesday, 12 July 2016

New Property Laws in Abu Dhabi

There is a new expectation from Real estate expert’s new property laws in Abu Dhabi to drive growth.
The effect of recently implemented Regulations of Real Estate Sector in Abu Dhabi on mortgage and financing enforcement are going to be the core topics discussed at the upcoming Abu Dhabi Market Overview, next month.

As per experts view, the new regulations place greater responsibility along-with regulation on developers which will help to manage risk of over-supply in the current period of weaker demand.

Chris Taylor, CEO of Abu Dhabi Finance, said in a statement that transparency and increased clarity alongside mortgage registration and centralization of property, the creation of a mortgage law, and the management of escrow accounts effectively reduces the risks involved in real estate transactions for all parties.

Expatriate residents will more likely to invest long-term in the market and non-resident customers will be in great comfort from new laws. The impact of potential cyclical economic factors such as oil price movements on real estate prices creating a less volatile environment will be reduced by new Property Laws which should encourage continuous investment and growth of the sector.

David Dudley, head of Abu Dhabi Office at JLL MENA, said that he also believes the new regulations will bring too many opportunities along-with higher financial security for investors.

New regulations affecting land and property registration, escrow accounts, the licensing of real estate activity, strata law and new fees will help to support a better regulated market as they will try to improve transparency and help consumers as well as investors.

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