The Department of Municipalities and Transport has made some new rules to make the market more fair and easy to understand.
These new rules will help put into action Law No. (3) Of 2015 well as Law No. (2) Of 2025. The goal is to make Abu Dhabis real estate market as good as markets around the world.
There are a main things that these new rules focus on. One thing is that people who buy property will have protection. For example it will be harder for developers to take money out of accounts before a project is at least 20 per cent done.
The new rules also say what the owners, developers and management companies are responsible for when it comes to properties that are owned by than one person. This will help make sure that everything runs smoothly.
The rules also make it clear how owners committees should work. This means that all the committees will have the rules and procedures which will make things easier for everyone.
The city of Abu Dhabi has also made rules about what happens if a project is cancelled or if someone wants to sell their property before it is finished. This way both the buyer and the developer know what to expect.
Rashed Al Omaira says that these new rules will help the city of Abu Dhabis real estate market adapt to changes and make investors feel more confident.
The new rules should make things run smoothly and help Abu Dhabi become an even more important place for real estate in the region. This is because the city will have a market that’s fair and easy to understand which is good for investors, developers and people who own property. The real estate market, in Abu Dhabi will be a place for everyone to do business.
