Reference no: EM13834640 , Length:
New Decree to regulate the real estate sector in Abu Dhabi - More regulations on Developers
1. Objective of the decree
a. Improve the level of transparency in the real estate sector
b. Helping the buyers, primarily of half-built and not-built buildings
c. Increasing the possibilities of foreign investment in the sector which could ultimately enhance the level of foreign currency
2. Regulations imposed
a. Brokers and developers have to take licenses
b. The brokers and developers also required to register their sale transactions along with buyers information
c. A project guarantee account is to be opened by the Broker, developer in which they are required to deposit all the amounts received by them from the buyers, for every project separately
d. No requirement of moving over to court, clear jurisdictions for making the builder liable to the buyer
3. Reason behind considering the decree
a. Several projects were not completed by the developers even after taking the consideration for the same at the time of financial crisis
b. Apart there are developers that take money from the buyers alleging that the construction would start soon, however they do not take any such step
c. Failure of either of the parties, buyer and developer, to continue with the project
d. Numerous conflicts arising and therefore people had to move to courts for every small issue
4. Past before this decree
a. Law No. 3 of 2005 (amended under Law No. 2 of 2007) -Registration of real estate
b. Law No. 19 of 2005 - It allowed ownership of property, developing property, leasing and mortgaging the same.
c. Executive Council resolution no. 64, of 2010 - Ownership of Property Rights granted to non UAE national
d. Law No. 20 of 2006 (amended under Law No. 4 of 2010 and Executive Council Resolution no. 32 of 2012) - Stated specific obligations and rights of landlord and tenants in Abu Dhabi
5. Future after this decree
a. Buyers more secure in terms of their payments made
b. Developers have the accountability to perform in stringent conditions
c. Registration of the Developer along with Projects and the buyers of the same
d. Maintenance of separate guarantee accounts by developers for the amounts received from buyers which cannot be totally utilized unless the building is complete
e. Higher level documentation
f. Regulation of union of owners such that cartels are not formed
g. Better transparency of operations attracting foreign investors and buyers
6. Other related disclosures
a. Issued by President Sheikh Khalifa bin Zayed Al Nahyan
b. Not available as to when the law would be applicable
c. Initial Real estate register to record all transactions related to sold off plan retail transactions which have been carried out in the past.
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