Abu Dhabi will soon publish a new law aimed at better regulating the real estate sector in Abu Dhabi, which has been through more than seven years of consultation, review and drafting. This will be a positive step towards attracting increased real estate investment in Abu Dhabi, and across the UAE more broadly, as the new law tackles many concerns raised by investors in the past. It also draws on the real estate investment experience in the remainder of the UAE, and especially in Dubai, over the last 10 years.
There are many encouraging provisions in the law including provisions for licensing, registering off-plan developments, restrictions on developers collecting registration fees, setting up owners' associations for jointly owned property, mortgages and dealing with delays in construction.
We will provide a summary of this new law as soon as it is published.