Agents set for new developer-helping abu dhabi law

Overseas property agents in Abu Dhabi are getting ready for the introduction of a new real estate law designed to support developers working in investment zones such as Saadiyat Island, Reem Island and Al Raha Beach.

The new law will address issues such as co-ownership and community management (often referred to locally as ‘strata'), and it is expected to impose regulatory control through a regulator and a requirement for proceeds from the sale of off-plan property to be placed in escrow. This is similar to measures adopted in the other emirates.

Things seem to be tightening up across the UAE. In August, for instance, Dubai issued new regulations that require property lawyers to be licensed with its Legal Affairs Department. There will be Fines for anyone violating the new regulations, especially individuals. Previously, only law firms were required to be licensed, not individual lawyers.

Source: OPP.org.uk