{"id":96718,"date":"2024-10-11T00:00:00","date_gmt":"2024-10-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adgm-revamps-property-regs-introduces-digital-platform\/"},"modified":"2024-10-11T00:00:00","modified_gmt":"2024-10-11T00:00:00","slug":"adgm-revamps-property-regs-introduces-digital-platform","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/11\/adgm-revamps-property-regs-introduces-digital-platform\/","title":{"rendered":"ADGM revamps property regs, introduces digital platform"},"content":{"rendered":"

ADGM rolls <\/strong>out fresh<\/strong> property framework:<\/strong> Abu Dhabi Global Market (ADGM) updated its regulations (pdf)<\/a> on real estate development and rentals within the financial center, tightening rules on short-term residential leases and introducing a new system for off-plan developments and sales, according to a statement<\/a>. The new framework is being introduced in an effort to facilitate the addition of Al Reem Island to ADGM\u2019s jurisdiction \u2014 with the regulations taking effect as of 1 January 2025. <\/p>\n

The new regs have been in the works for a while:<\/strong> Back in June<\/a>, ADGM proposed amendments and new rules to its real property regulatory framework in a consultation paper. <\/p>\n

Short-term residential tenants get more protection: <\/strong>The new framework sets out new requirements for short-term residential leases, including a requirement to decide a rental increase rate in the lease contract and a requirement for an order of court in order to terminate a contract, unless the lessor has breached contract or mutually agreed on the termination with the owner of the property. <\/p>\n

A separate <\/strong>regulatory framework (pdf)<\/a><\/strong> for off-plan developments and sales <\/strong>will require developers to register their off-plan properties on a real property register, and mandates that off-plan sales are made under a specific sales agreement that sets out construction milestones against which payments will be made. It also prevents developers from terminating sales agreements due to payment delays, unless there has been a delay on three consecutive installments or on 30% of the purchase price. <\/p>\n

Brokers and property managers need to be registered:<\/strong> Property professionals \u2014 including brokers, valuers and property managers \u2014 operating within the financial center\u2019s jurisdiction will also need to be registered, according to the ADGM statement. <\/p>\n

A new platform to go along with the new regs: <\/strong>ADGM launched AccessRP, a new digital platform for real estate services including buying, selling, leasing, and mortgages. Owners can request certificates and register power of attorney on the platform, while developers can register their projects and manage them. <\/p>\n

Background:<\/strong> The ADGM added Al Reem Island to its jurisdiction in November 2023 as part of its expansion to accommodate the demand for office space<\/a> in the financial hub. ADGM waived registration<\/a> fees for Reem Island businesses until November as part of an incentive package aiming to facilitate their transition to the hub.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADGM rolled out its new digital platform AccessRP<\/p>\n","protected":false},"author":1,"featured_media":96719,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1561],"tags":[277,7,98,160],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-abu-dhabi-global-market","tag-enterpriseam-uae","tag-real-estate","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"c86fb5c3-525f-4894-9473-3472daf12b5a","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/755.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADGM revamps property regs, introduces digital platform","related_issue":[96706],"teaser":"ADGM rolled out its new digital platform AccessRP","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5701a1a-16b1-40cd-8f6a-fd4957e2e002.mp3"},"yoast_head":"\nADGM revamps property regs, introduces digital platform - 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