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Realty Laws in Abu Dhabi by Early Next Year
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Real estate laws in Abu Dhabi such as those dealing with escrow accounts, brokers, strata title and mortgages may be implemented by early next year, according to a legal expert.
"Currently, the Department of Municipal Affairs has confirmed the real estate laws are under consideration and so we can assume that they are in draft phase. I am not aware that the planning and the building regulations law have yet been drafted although I believe that the underlying regulations have been worked out," said David Nunn, Partner, Simmons and Simmons.
In December last year, Emirates Business reported that five draft laws have been finalised to regulate the realty sector in Abu Dhabi. The laws will set rules and regulations for real estate developers, contractors and brokers. It also includes rules pertaining to off-plan sales, licensing of high-rise residential buildings and property registration.
"I anticipate all these new laws although there was scope under the existing law 19 of 2005 to introduce regulations dealing with some of these matters," he said.
The new laws will be enforceable once they are published it in the Gazette, Nunn said. "I am confident the new laws will be more sophisticated than any real estate laws we have in the region.
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