Realty Laws by Early Next Year in Abu Dhabi

According to a legal expert, Realty laws in Abu Dhabi like those dealing with escrow accounts, brokers, strata title and mortgages is expected to be executed by near the beginning of next year.

David Nunn, Partner of Simmons and Simmons stated, “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,"

As per Emirates Business reports of December last year, five draft laws have been concluded to manage the realty sector in Abu Dhabi. The laws will set regulations for real estate developers, contractors and brokers. In addition to it the rules will also check the off-plan sales, licensing of high-rise residential towers 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 imposable once they are published 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.”